Versant Funding funded a $5 million non-recourse factoring facility to a 90+ year-old company that provides services to major consumer brands.
After acquisition by a private equity group, the client’s new management team implemented a turnaround plan which required additional cash. While the company was in the process of applying for an asset-based line of credit, time was of the essence and a funding date for the ABL facility was uncertain.
“Versant can fund faster than most traditional financing sources because we focus solely on the credit quality of our clients’ customers and do not perform a full underwriting or audit of the business,” Chris Lehnes, business development officer for Versant Funding, and originator of this financing opportunity, said. “Since this company’s customers include some of the world’s strongest consumer brands, we quickly approved the transaction and were ready to fund in about a week.”
