Daily News: March 11, 2015

NewStar Provides Skagit Gardens Revolver

NewStar Business Credit announced it provided a $6 million revolving credit facility to Skagit Gardens to support the company’s ongoing working capital needs. Lisa Adams, an SVP located in NewStar’s San Francisco office, originated the transaction.

Mark Buchholz, Skagit president and CEO, commented, “We are pleased to have NewStar as our lending partner. As we continue to grow our business, NewStar’s understanding of the nursery industry, our customers, and our unique position as a top regional provider will be invaluable. After considering a lengthy list of potential lenders, NewStar came out head and shoulders above the competition, with a program that meets our needs now and for some years to come.”

NewStar Business Credit National Marketing Manager Milt Iskra also commented on the transaction: “We are committed to supporting middle market companies in the Pacific Northwest and look forward to building on our relationship with Skagit.”

Mt. Vernon, WA-headquartered Skagit is a premium supplier of high-quality annuals, perennials and seasonal color plants, serving both the wholesale and retail channels.