Austin Financial Services (AFS) closed a $10 million ABL facility, comprised of an accounts receivable and inventory revolver, to a foodservice equipment manufacturer & distributor of commercial kitchen equipment. The company was seeking a lending partner that could provide greater flexibility and more availability than its current bank lender, while also understanding the unique challenges inherent to its business and industry.
Proceeds from the loan were used to refinance the bank and will provide ongoing working capital support to meet the company’s current sales pipeline and growth opportunities.
“AFS remains committed to providing flexible custom financing solutions in the marketplace that will allow owners and managers to run their businesses effectively and execute their long-term growth strategies,” Jason Anish, president and CEO of AFS, said. “As a complex deal with multiple third-party issues that took some time to navigate, the company and our team worked incredibly hard through the underwriting process to achieve a favorable outcome that will help the company have better access to working capital, take on new customers and effectively manage its vendor obligations.”
