Essex Capital Group announced the closing of a $6.75 million debt recapitalization for Century Everglades, a privately-held building products manufacturer and distributor based in Homestead, FL. Essex Capital acted as the company’s exclusive advisor in this transaction.

As a part of the restructuring, Essex was successful in putting together a comprehensive debt solution that involved two specialty finance companies. The asset-based line of credit included traditional advance rates on AR and inventory, as well as term debt pieces on the company headquarters building and two parcels of vacant land. Separately, Essex also arranged for a sale-leaseback on the company’s existing equipment.

The new debt structure allowed the company to reduce their cost of capital by 50% while providing additional working capital to support operations and growth opportunities.