Daily News: December 5, 2018

Gibraltar Provides $5.5MM LoC to Support Textile Company Acquisition

Gibraltar Business Capital funded a $5.5 million line of credit to support Industrial Value Partners’ acquisition of South Carolina Elastics, a division of Rhode Island Textile Company.

South Carolina Elastics manufactures braided, knitted and woven narrow fabrics, with a specialization in the production of high quality elastics, and non-elastic cord, knitted elastic tapes and elastic and rigid webbing. These products are sold and integrated into end products such as shoelaces, bungee cords, medical elastic masks, hose tape and military webbings.

Industrial Value Partners is a Southeastern-based operationally focused investment firm.

Gibraltar leveraged the value of the accounts receivable, inventory and equipment of the acquired assets to provide a flexible financing solution and was able to close in an expedited 30-day time frame.