Gibraltar Business Capital closed a $27.5MM senior secured revolving credit facility for Whitmor, a fourth-generation family-owned-and-operated business founded in 1946.
Based in the Memphis, TN, area, Whitmor is a designer, importer and distributor of home storage and organizational products with a global reach. The company recently felt the impacts of the COVID-19 pandemic and complexities in the supply chain, causing ownership to seek a non-bank financing solution for greater flexibility during a transitional period. To support Whitmor’s business goals, the Gibraltar team worked with the company’s management to develop a structure to maximize liquidity with a borrowing base that includes advances against accounts receivable, inventory and inventory in transit.
“Early on in our discussions, the Gibraltar team invested the time to truly understand our business, including all the complexities, challenges and opportunities within our industry,” Scott Felsenthal, CEO of Whitmor, said. “We have always been a business that prioritizes surrounding ourselves with good people, and Gibraltar is no exception. Their dedication during this process gave us confidence that they will be a strong financial partner for the company going forward.”
“Whitmor is a great company with a storied history. We are proud to be a trusted partner to them by providing the flexible liquidity they need to continue successfully operating their business,” Scott Winicour, CEO of Gibraltar Business Capital, said.
