Celtic Capital provided a $616,000 equipment loan to a Massachusetts-based precision machine shop that provides machining, assembly and brazing services to customers in multiple industries, including defense, automotive, medical, aerospace, HVAC and transportation.
This company was referred to Celtic Capital by another asset-based lender that was providing accounts receivable and inventory financing but didn’t want to provide the equipment financing. When coupled with the other lender’s facility, Celtic Capital’s equipment loan provided enough money to pay off the company’s existing bank and fund a settlement agreement whereby the majority owner bought out the minority owner.
