Pacific Mercantile Bank provided an $8 million credit facility to San-Diego based Upstrēm, a technology-enabled liquidator of post-retail soft goods. The bank also provided treasury management services.
Upstrēm was referred to Pacific Mercantile Bank by Corbel Capital Partners, a structured debt and equity fund that recently made an investment in Upstrēm.
“Our success in providing a full-service solution that enables retailers to maximize their return on challenged inventory has led to significant growth in our client base,” Jake Risman, CEO of Upstrēm, said. “Having proven our capabilities in the footwear category, we are now expanding to apparel and significantly increasing our total addressable market. After Corbel Capital Partners completed its investment in our company, they introduced us to a bank they knew could support our continued expansion. Pacific Mercantile Bank developed a credit facility tailored to our needs and provided valuable insights through its Horizon Analytics tool that has helped inform our plans for further increasing the value of our company.”
“We have worked with Pacific Mercantile Bank on a number of deals in the past and we thought they would be the ideal partner to assist a high growth company that has leveraged its talent and technology to become a dominant re-commerce player,” Michael Jones, principal of Corbel Capital Partners, said.
“We appreciate Corbel Capital introducing us to another exceptional company in their portfolio,” Rob Parks, senior vice president at Pacific Mercantile Bank, said. “Working in tandem with Thomas Fagan from our asset-based lending team, we were able to overcome the disruptions presented by the COVID-19 pandemic and deliver a customized solution to support Upstrēm’s seasonal working capital needs. We are very excited about the growth opportunities available to Upstrēm and we look forward to expanding our relationship in the future as they continue to enter new markets and grow their client roster.”
