nFusion Capital provided a $7 million asset-based line of credit to Land & Sea Industries (L&S), a heavy metal fabrication and manufacturing solutions company located in Texas. The company provides a range of services, including commercial construction, high pressure piping and structural fabrication.
In 2022, L&S experienced significant growth but did not have adequate staff. With a tight labor market for welders, the company had to use recruitment companies, which doubled its costs. Anticipating more growth and large contracts on the near horizon, the company needed to increase staffing once again. In addition, metal prices rose significantly in the wake of the COVID-19 pandemic. L&S needed a cash infusion to support business growth as well as increase personnel with related hiring costs. Another nFusion Capital client, Kort Industries, referred L&S to nFusion. The additional funding enabled the company to pay off its existing lender, catch up on vendor payments and invest in the staff it needed to continue to grow the company.
“nFusion Capital’s innovative approach enabled us to access more funding than we could with our previous lender, which really helped us scale up,” Wade Schindewolf, owner of Land & Sea Industries, said. They’re entrepreneurs too, and they understand the road we all travel. We appreciate how quickly they worked to make it happen.”
“We appreciate that Kort Industries suggested Land & Sea that they could continue to grow with an ABL line from nFusion,” Rachel Samuelson, senior vice president and portfolio manager at nFusion Capital, said. “While they enjoyed the relationship they had with their existing factor, they just didn’t have the asset-based lending product we offer. We went full speed ahead and had them underwritten and closed out within five weeks.”
