Avidbank Specialty Finance provided a combined $5 million line of credit and term loan to Art Brand Studios (ABS). The facilities will be used to provide working capital, support growth, refinance existing debt and repurchase investor warrants.
Founded in 2016 and headquartered in Morgan Hill, CA, ABS is a publisher, manufacturer, marketer, wholesaler and branded retailer of fine art reproductions. The company is owned by M2 Investment Management, which is managed by Next Point Capital.
“We are very pleased to partner with Next Point Capital and Art Brand Studios, and greatly appreciate the confidence they exhibited in Avidbank,” said Darryl Karmen, senior vice president, regional manager, Avidbank Specialty Finance. “Our financing will allow our new client to enter their next phase of growth, and we look forward to seeing Art Brand build on their success.”
“We are excited to collaborate with Avidbank as we grow our portfolio company, Art Brand Studios,” added Mark Mickelson, managing partner, Next Point Capital. “We value the expertise, creativity and integrity offered by Avidbank’s management and we look forward to partnering with them again in the future.”
