Rosenthal & Rosenthal recently completed seven recent asset-based lending transactions totaling roughly $70 million.
The various asset-based lending facilities will help to address the working capital needs and support growth and expansion opportunities for a number of clients across a range of sectors. The scope of the transactions demonstrates the breadth and depth of Rosenthal’s expertise and industry relationships as well as the firm’s flexibility and ability to customize its financing solutions to meet specific client needs.
“Rosenthal has had a remarkably strong start to 2023 and our highly skilled asset based lending team has been working hard to close an impressively high volume of deals,” Paul Schuldiner, chief lending officer at Rosenthal, said. “These seven transactions reflect Rosenthal’s deep relationships across a number of different industries as well our expertise in structuring complex financing facilities that are tailormade to address our client’s unique needs.”
“We are very energized about our ABL product and the positive impact that all of our alternative financing offerings have had on our clients’ businesses and bottom lines,” Robert Martucci, EVP and national sales & underwriting manager for Rosenthal’s ABL group, said. “In this challenging macroeconomic and financial environment, we’re confident that Rosenthal’s creativity and flexibility will continue to set us apart.”
The recent asset-based lending deals include:
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$40 million AR and inventory transaction for a New York-based jewelry manufacturer with more than $200 million in annual volume looking for an alternative to its current, more restrictive bank lending relationship.
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$10 million AR and inventory transaction for a Pennsylvania-based beauty and cosmetics manufacturer and marketer with $40 million in annual volume rebounding from pandemic-related margin compression.
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$7 million AR and inventory transaction for a Pennsylvania-based rebar fabricator with $55 million in annual volume in turnaround with their existing bank after facing pandemic-related and supply chain challenges. The client was referred to Rosenthal by its existing lender and Rosenthal was able to step in quickly to offer financing with streamlined approvals and decisions and less red tape than the bank was able to offer the client
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Combined $6.7 million AR and inventory transactions for two related California-based family owned and operated janitorial and food supply companies serving the health care sector. The client was seeking a financing partner that understood the business and offered more flexibility with covenants. The customized financing solution involved a larger covenant light ABL facility as well as support on the AR collection function to improve operating efficiency
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$4 million AR transaction for a New York-based digital photography company that was forced to change from its existing bank lender after the lender began restricting its ability to secure advances. Rosenthal stepped in to negotiate a complicated inter-creditor agreement with other secured lenders and was able to offer the client the flexibility and financing it needed
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$2 million AR and inventory transaction for a California-based, private equity-backed CPG nutritional products company selling direct to consumer and through wholesale channels, both domestically and internationally. With $9 million in annual volume, the client was seeking financing for the first time to fund growth opportunities and to execute on its expansion strategy.
