First Capital announced that it has provided a $5.5 million asset-based credit facility to a distributor of consumer fruit products to retail outlets. The credit facility is in the form of an asset-based agreement and is collateralized by the client’s accounts receivable and inventory.

The company is experiencing high growth with sales results better than forecasted as a result of its innovative products, packaging and distribution model. First Capital was selected as the working capital partner based on its ability to customize a flexible package that would provide attractive financing options with additional availability to allow for further sales growth in the future.

Matt Grimes, EVP and First Capital Western region ABL manager, stated, “The company’s management has impressed us with their business plan and ability to achieve the company’s growth plan. We looked at the way the fruit products were packaged and distributed and were happy to learn they have put their full support behind offering a quality product that can be delivered safely and attractively to the consumer.”

This transaction was sourced by Grimes and will be serviced by First Capital’s ABL Western region located in Los Angeles, and managed by Grimes.

First Capital provides working capital financing typically ranging from $2 million to $15 million primarily to small- and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million.