Sallyport Commercial Finance arranged a $8.5 million accounts receivable facility for an established construction supply company serving North Texas.
This entrepreneurial business had enjoyed rapid growth and success for more than 20 years when a strategic investment misfired causing a breach of its bank covenants. The new business team at a proposed replacement bank promised they would get the deal done, but after months of underwriting, the credit department declined the $8.5m facility for the company.
With 450 jobs on the line, and just a few weeks until their deadline, the newly installed CFO turned to his network for recommendations. His connections suggested Sallyport.
“We were proud to be able to help this business right their ship and set a solid course towards their destination with all hands onboard. It is extremely satisfying that our recommendation came from an experienced private equity CFO who is presently a client. Can there be any better recommendation?” states Nick Hart, president of Sallyport Commercial Finance.
