Avidbank Specialty Finance provided $6.4 million in credit facilities to America’s Thrift Stores (ATS).
Founded in 1984 and headquartered in Birmingham, AL, ATS is a for-profit company that supports ministries and charities by reselling donated clothing and household items. ATS is a portfolio company of Alpine Investors and currently has 17 stores in five states.
The new funding will be used to support the growth of the ATS donations network, with a target of 30% donations increase to support the plan to open two to four new stores per year.
“We are pleased to provide America’s Thrift Stores with the support they need for their next phase of growth,” said Jon Comeau, senior vice president, relationship manager at Avidbank. “Avidbank is thrilled to continue building our partnership with ATS’ exemplary management team and further strengthen our relationship with their equity sponsor, Alpine Investors.”
“Avidbank’s due diligence was thorough, grounded in good business judgment, and highly efficient,” said Dan Doore, CFO of ATS. “From the beginning of the process, we believed they would make excellent banking partners and advisors. While we are early in our relationship with Avidbank, they have already proven to be excellent partners.”
