NewStar Business Credit Provides $10MM Facility to The Markets
NewStar Business Credit, a wholly owned subsidiary of NewStar Financial, Inc. announced that it has provided a $10 million revolving credit facility to The Markets, a portfolio company of Hancock Park Associates. The credit facility will be used to meet working capital requirements and provide expansion capital to support growth. NewStar’s Mike Williams, SVP, originated the transaction.
Headquartered in Bellingham, WA, The Markets operates 17 retail grocery stores and four pharmacies located throughout the state of Washington.
“With our recent expansion into the Pacific Northwest, we are pleased to have this opportunity to support The Markets and Hancock Park Associates through a new lending relationship as we continue to deliver practical financing solutions to the middle market” stated NewStar EVP Milton Iskra. “We look forward to assisting The Markets in its continued growth and success,” he added.
“We went through a very thorough process in selecting an asset-based lender that met our requirements and NewStar was definitely our best option; we at The Markets look forward to a strong relationship with NewStar as we continue to work together on a daily basis,” commented Aron Tam, CFO of The Markets.
NewStar Business Credit provides asset-based and senior, secured