Gerber Finance provided a $10 million line of credit to NorthCape International, a manufacturer and wholesale distributor of outdoor furniture. The deal was made under Gerber Finance’s Gerber+ division, which provides customized services to businesses seeking funding ranging from $10 million to $25 million.
NorthCape selected Gerber Finance for its knowledgeable management team and fast and flexible financing structure that includes lending on inventory, a solution that was ideal for NorthCape’s business. The company will be leveraging the $10 million of funding as working capital.
“Like many companies during the COVID-19 pandemic, NorthCape dealt with supply chain complications,” Erin Walsh, CFO of NorthCape, said. “However, we were still able to increase revenue by 27% in 2020 and we project a 35% increase in 2021. With this in mind, we knew it made sense to work with a financial lender that understands fast-growing companies and offers flexible and customized financing. Thanks to KCP Advisory Group, we found a perfect match with Gerber Finance.”
“We were thrilled to make the introduction between NorthCape and Gerber Finance,” Jacen Dinoff, principal at KCP Advisory Group, said. “We know NorthCape is in good hands and look forward to their continued growth.”
“When KCP Advisory presented us with this deal, we knew it was the right fit for our Gerber+ division,” Jennifer Palmer, CEO of Gerber Finance, said. “We thoroughly enjoy providing the financing that companies need to continue on their successful paths, and NorthCape has immense potential that we’re very excited about. It was a pleasure to work closely with the KCP Advisory team and Erin Walsh to make this partnership a reality.”
Launched in 2020 in collaboration with eCapital, Gerber+ provides a growth platform for existing clients in the Gerber Core and Naturally Gerber Finance divisions and focus on lines of credit up to $10 million.