Daily News: December 17, 2014

NewStar Business Credit Provides Revolver to Asheboro Elastics

NewStar Business Credit announced it has provided a $13.5 million revolving credit facility to Asheboro Elastics. The credit facility will be used to support ongoing working capital needs, including investments in working capital related to a recent acquisition.

Larry Himes, AEC’s CEO commented, NewStar has proven to be a thoughtful and collaborative partner for our company. They worked diligently with us to complete a strategic, yet challenging, acquisition. We look forward to working with NewStar as we grow our business.

NewStar Business Credit’s national marketing manager, Milt Iskra also commented on the transaction “We are always excited to work with dynamic, family-owned companies like AEC. Our capabilities proved to be a great match for their needs and we are happy to have structured a financing arrangement that provides ongoing working capital support in addition to funding for their recent acquisition.”

Asheboro, NC-based AEC is a privately-held manufacturer of narrow fabrics, including customized knitted, woven, rigid and elastic products, which are used in the apparel, automotive, home furnishings, medical, military, industrial and recreational industries.