Gibraltar Business Capital provided a $8 million line of credit to a sports equipment company.
The company was referred to Gibraltar by a turnaround consultant. The client was an industry-leading retailer/e-tailer of new and preowned golf equipment, shoes, apparel and accessories. The company had been in business selling sports equipment to consumers through its multiple ecommerce sites.
Despite a good track record of sales, the company had run into temporary setbacks in business performance. In addition to seasonality associated with its product mix, declining margins on discontinued products and shifts in product demand required the company to make changes to its product mix strategy.
Gibraltar saw a company with a solid strategy for moving forward and closed an $8 million line of credit allowed the company to refinance with its current lender.