Continental Business Credit provided a $1.85 Million buyout and working capital facility to a Southern California-based casting company serving the commercial aerospace and defense industries.
The facility was used to help purchase the company from the founders and fund working capital. The asset-based loan provides availability against accounts receivable, inventory, and machinery and equipment.
“It was great working with an experienced buyer who was able to provide a detailed business plan and clear path to closing. We are excited to fund the strategic growth of the company and its plans to acquire and integrate complementary businesses,” said Jason Carmona, EVP/ABL manager at Continental.
Headquartered in Los Angeles, Continental Business Credit is a nationwide, privately-owned commercial finance company providing lines of credit up to $7.5 million to small and mid-sized companies operating across a wide range of industries in the U.S.