TAB Bank Provides $6 Million ABL Facility to Coral Industries
TAB Bank announced that it has provided a $6 million asset-based lending facility through a multi-year agreement for Coral Industries, Inc. of Tuscaloosa, AL.
Coral Industries was founded in 1976 and has grown to be one of the largest independent manufacturers of bath and shower enclosures in North America. Coral also fabricates and distributes tempered and decorative glass products. Another division of Coral manufactures and distributes architectural aluminum and all glass systems including entrance doors, storefronts, curtain walls, window walls, and glass handrails. Coral employs over 300 workers in its 250,000 square foot manufacturing facility. Coral is dedicated to a high level of service, commitment to customer’s needs, and production of quality products.
“I am very pleased with our new lending relationship with TAB Bank. Everything went very smooth as we discussed the necessary steps to finalize the new credit arrangement. I am looking forward to working with TAB as our lending partner as we move forward,” commented D. Grant McAllister, CFO of Coral Industries.
Jonathan Molayem, regional vice president of Transact AOCP, exclusively advised Coral Industries with the debt financing. Transact AOCP is headquartered in Richmond, VA and provides financial advisory services including business planning for startups, strategic growth consulting, and succession/exit planning.
The commercial lending professionals at TAB Bank and Transact AOCP worked closely together and took the necessary time to set up a customized lending facility that would meet the specific financing needs of Coral Industries. “The teams at Coral and Transact AOCP have been a real pleasure to work with. We are excited that Coral has chosen TAB Bank to be their new lending partner. We look forward to a strong and mutually beneficial relationship for both companies,” stated Paul Durosko, vice president of Underwriting for TAB Bank.
TAB Bank provides custom working capital solutions to transportation and non-transportation companies in all stages of business life cycles during any economic conditions.