Republic Business Credit partnered with a leading turnaround consulting firm to support a 28-year-old commercial printing company that was being managed by a bank special assets group.
Republic agreed to an inter-creditor with the incumbent lender to help reduce the pressure of the heavy debt burden and provide growth capital for the company to take on new customers. Republic was brought in by the turnaround consulting firm because of its leading reputation within the Turnaround Management Association and its ability to support corporate renewal efforts.
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The company suffered a set-back after an unsuccessful acquisition erased its cash flow from operations during their transformation. It needed a funding partner that could quickly work with several third parties to implement their growth plan.
Republic provided a $2.5 million ledgered line of credit combined with a $250,000 purchase order finance facility to support its immediate refinancing needs while also enabling payments to its key suppliers to purchase new raw materials.
“The printing industry is consolidating and transforming at a rapid pace with the introduction of many digital requirements,” said Robert Meyers, president of Republic and president of the TMA’s Midwest Chapter. “As a commercial finance company, we are well positioned to partner with companies during their change management and corporate renewal initiatives.”
