Fifth Third Business Capital acted as sole lender and administrative agent on the closing of a new $15.828 million senior credit facility for Comfort Research.
“Fifth Third Business Capital provided a very flexible lending solution with options that fit Comfort Research’s seasonality that also maximizes their liquidity,” Michael Sharkey, president of Fifth Third Business Capital, said.
Based in Grand Rapids, MI, Comfort Research is the manufacturer of the Big Joe brand, which consists of casual furniture, pool products and outdoor furniture. Fifth Third’s credit facility was used to refinance existing debt and working capital funding.
“As a growth company, Comfort Research has evolving banking needs,” Scott Johnson, CFO of Comfort Research, said. “It was important to us to find a bank that can meet our current lending needs while being able to grow with us. Fifth Third offered us more than a flexible credit facility, they offered us an experienced team and a holistic banking approach that met all of our current needs. And, they have additional capabilities we can utilize in the future as Comfort Research continues to grow.”
“At Comfort Research, we believe core values drive our business success,” Matt Jung, cofounder and co-CEO of Comfort Research, said. “Fifth Third embraced our history of growth and how our core values led to our success. This made the choice to partner with them very easy.”
“When Matt and I founded Comfort Research, we said we wanted to create Comfort for All,” Chip George, co-founder and co-CEO of Comfort Research, said. “Fifth Third is a partner that allows us to pursue our goal of a Big Joe in every house in the U.S.”
Fifth Third Business Capital provides asset-based financing to large corporate and middle market companies throughout the United States and Canada from $5 million and up.
