Daily News: September 17, 2014

Siena, North Mill Close $20MM ABL for Swisher Hygiene

Siena Lending Group, in conjunction with North Mill Capital, announced the completion of a three-year $20 million asset-based revolving credit facility for Swisher Hygiene, a portfolio company of Huizenga Holdings. Swisher Hygiene will utilize the facility to provide additional liquidity and capital resources to support the company’s growth and working capital requirements.

David Grende, president and CEO of Siena Lending Group, said, “We are pleased to provide a flexible asset based facility to Swisher Hygiene. that will help the company grow and execute their business plan. We are especially pleased that Swisher recognized Siena Lending Group’s successful track record of delivering what we propose and establishing successful relationships in their decision to close the facility with us. The new management team at Swisher has made significant strides in executing the company’s strategic plan, and we look forward to continue working with them.”

Jeff Goldrich, president and CEO of North Mill, said, “The Siena Lending Group and North Mill Capital participation provides a highly competitive financing alternative in the market and we are particularly excited to be part of the Swisher opportunity.”

William M. Pierce, president and CEO of Swisher said, “As we continue to progress toward achieving positive operating cash flow and maximizing profitability, we are pleased to strengthen our financial position and liquidity through this new credit facility, providing us with additional flexibility to support our future growth. Siena’s principals have a proven track record of successful loan partnerships and we look forward to a long-term relationship.”

Charlotte, NC-headquartered Swisher is a provider of essential hygiene and sanitizing solutions throughout North America.