Gibraltar Business Capital provided a growth-enabling credit facility to Clearon Corp., a manufacturer of chlorinated dry bleach used in an array of applications, including water treatment, disinfection and sanitization.
Clearon needed a lending partner that could provide more flexibility for growth capital than its current asset-based lending partner. Gibraltar provided more favorable terms for the refinancing than Clearon’s existing ABL credit facility. In addition, Gibraltar built in a material accordion feature allowing Clearon to increase its credit facility by 33% upon request. Gibraltar’s credit committee became involved in the diligence and sale processes directly with the company’s management.
“The team at Gibraltar has demonstrated their sincere interest and willingness to partner with Clearon through a truly transformational period in the company’s 60-year legacy,” J. Bryan Kitchen, president and CEO of Clearon, said.
Ultimately, Gibraltar delivered a favorably structured credit facility to support Clearon’s needs for greater liquidity and flexibility and to refinance its existing facility.