Legacy Corporate Lending, an independent asset-based lending (ABL) company, provided a $40 million asset-based credit facility to Spray Products, a family-owned contract manufacturer of aerosol and liquid consumer products. The transaction, which is backed by accounts receivable, inventory, machinery and equipment and real estate, was finalized in November 2024.
“As our turnkey approach to aerosol and liquid consumer goods manufacturing continues to support companies large and small, we have experienced a strong period of growth that has created a need for more working capital,” Bart Bastian, CEO of Spray Products, said. “The Legacy team truly understood the intricacies of our specialized business and was able to deliver a complete financing solution with the flexibility to grow with our needs. We look forward to a lasting partnership with them.”
“It was clear that in order to support the company’s long-term success, we needed to structure a tailored credit facility that significantly expanded the borrowing capacity that they had with their incumbent lender,” Clark Griffith, CEO of Legacy, said. “Spray Products has been a market leader for over 60 years and we look forward to supporting them as they continue to execute their growth plans.”
“The combination of a strong asset-base, an experienced management team, and a proven business model allowed us to be creative in our approach and move quickly and efficiently to provide a successful financing,” Anthony DiChiara, managing director of originations at Legacy, said.
