MidFirst Business Credit provided a $10 million working capital facility to Phoenix Group Metals (PGM).
Headquartered in Phoenix, PGM operates three recycling locations for automotive cores and catalytic convertors in Phoenix, Houston and Atlanta. PGM used the funds from the working capital facility to refinance the payoff to an existing lender, provide additional working capital and help facilitate further business expansion. The transaction was completed on July 10.
“We are thrilled and very optimistic to lead our company forward with the solid support of our new banking relationship partner. This will allow us to put our energy into our business growth and unwavering commitment to our valuable customers” Jay Robie, CEO of Phoenix Group Metals, said.
“We are very excited about the opportunity to begin a relationship with Phoenix Group Metals, LLC and we look forward to being their partner for years to come,” Dennis Schlesner, president of MidFirst Business Credit, said.
Headquartered in Atlanta with offices in Chicago, Dallas, Detroit, Los Angeles, Nashville, TN, and Phoenix, MidFirst Business Credit provides financing solutions to growing businesses. MThe company is owned by MidFirst Bank, a privately-owned bank with more than $24 billion in assets.
