Celtic Capital provided a $3.5 million accounts receivable line of credit to its most recent client, an Eastern Midwest company that manufactures U-bolts, threaded rods and various other steel products from its parent and five subsidiaries.
This company, founded in 1978, had been financed by a bank for a number of years but recent covenant violations facilitated a bank exit. Celtic Capital was referred in, and its solution allowed the client to repay the bank in full and provide ongoing working capital.
