Austin Financial Services closed a $4.5 million asset-based loan facility, consisting of an accounts receivable and inventory revolver, for a manufacturer of prepared salads and spreads, which used the proceeds to refinance and provide ongoing working capital to support the company’s growth forecasts as it expands its product offerings.
“It was a pleasure teaming with the company’s high-quality management/ownership team to help transition them out of their bank lending relationship,” Jason Anish, president and CEO of Austin Financial Services, said. “The new AFS facility successfully provided the company with the availability it needed to pay off their bank and as well as with additional working capital in a less restrictive environment, all while meeting the bank’s exit timeline.”
