First Capital said it has provided a $15.6 million revolving line of credit to Colony, Inc., a manufacturer of fixtures and point-of-sale products for national retail chains. The senior credit facility consists of a $15 million working capital revolver collateralized by accounts receivable and inventory and a term loan in the amount of $600,000.
First Capital was referred to the company by Concord Financial Advisors because of First Capital’s ability to quickly create a flexible facility. In addition to refinancing the previous lender, proceeds will be used to support working capital requirements.
“We are happy to be part of the financing strategy for Colony, Inc.,” remarked Harry Novak, senior vice president and regional business development manager of First Capital’s Chicago office. “The company has a long history of providing quality displays to an extensive network of retails chains. We worked with the management team to review their plans for moving forward and were able to quickly provide the company significantly more working capital to meet their growth plans.”
“The First Capital team recognized the value and dedication to the business plan we’ve worked hard to create,” remarked Kent West, CEO of Colony. “We really appreciate their responsiveness and ability to maximize our working capital both for our current needs and for future growth.”