Republic Business Credit provided an $8 million asset-based loan to a California-based aftermarket automotive supplier in need of additional working capital after acquiring a competitor. The private equity-owned company specializes in providing custom luxury products to vehicle owners.
“Our established partnership with the company’s sponsor, coupled with our track record of delivering timely, professional and dependable support, solidified our position as the ideal lender for the business,” Matthew Begley, chief operating officer of Republic, said. “The management team’s capabilities and the company’s past achievements instilled confidence in our ability to forge a successful relationship.”
“We continue to see demand to support growth-oriented opportunities across our sponsor driven ABL strategy,” Robert Meyers, president of Republic, said. “There is additional credit support and comfort working with sponsors, combined with mutual time and cost savings from reoccurring transactions with the same equity partners.”
Ultimately, Republic increased borrowing availability by more than $3 million at closing that will further benefit the company during the low and high seasons.
