Essex Capital Group arranged a $7 million balance sheet recapitalization for a defense and aerospace government contractor based in the Southeast.

The company provides high-end technical, engineering and IT services solutions to both commercial and government clients.

The company’s existing senior lender was no longer willing to support continued increases in working capital needs after the company experienced a revenue growth trajectory over a 15-year period.

Essex structured a new asset-based line of credit for the company, offering flexibility with advances on billed as well as unbilled receivables.

Rob Swain, Essex Capital president, said, “We were particularly pleased with the competitive financing terms we were able to negotiate on behalf of our client in this situation. This new facility offers the company ample liquidity to support ongoing projected growth for the foreseeable future.”