Daily News: March 2, 2015

North Mill Closes Nearly $30MM in New Deals

North Mill Capital announced it closed five transactions totaling $29.5 million.

An Illinois display manufacturer, to big box retailers, was asked by its current lender to seek a new financing source. North Mill Capital contacted the company and the lender to determine the need. North Mill Capital was able to pay out the lender in full and provide the company with an asset-based line of $12 million, which included additional working capital and room to grow. The company has since requested an increase of the total credit facility.

A rebar fabricator in New Jersey was in the asset recovery department of a national bank because of prior years’ losses. The company needed a $5 million credit facility supported by accounts receivable and inventory to pay out the bank in full and provide additional working capital to purchase inventory for a large back-order position. The company wanted to start with a lower credit facility cap and grow into a larger line. To accomplish this North Mill provided an accordion facility.

A $1.75 million accounts receivable and inventory credit facility was provided to a reseller of new and refurbished computers and components to educational institutions located in Minnesota. North Mill Capital was able to provide a large enough facility to accommodate the start-up company’s rapid growth.

A Milwaukee area window and door distributor was experiencing high growth in the commercial construction and unable to obtain traditional bank financing due to past performance. North Mill Capital provided a $750,000 invoice-based working capital facility that allows the company to meet its customers’ needs and finance their rapid growth.

North Mill provided a $10 million credit facility for an IT staffing company in New Jersey. The company decided to close the loan with a large national bank to take advantage of a lower cost of funds. Ten months later the bank started restricting availability in their borrowing base due to erratic earnings and inability to meet their projections.