In a deal that closed in 2022, Sallyport Commercial Finance equipped a U.S. project management business with an $850,000 accounts receivable facility.
The company was referred to Sallyport by a contact in investment banking. The company anticipates more than doubling its employees from 27 to 60 this year. Each employee generates revenue for the business but has to be paid before they do so, posing an obvious cash flow challenge. Besides the additional working capital to recruit new employees, the business will also utilize some funds for its employee education program and its five-year plan is to grow the company to $50 million.
“It is a pleasure to see the benefit Sallyport can provide to companies that are, or seek to, grow their firm in a way that can’t be done with bank financing and can have a high long-term cost if equity is utilized,” James Bartel, senior vice president for Sallyport, said. “Looking forward to seeing what happens in 2023 and glad we could meet the end of year timing goal of the client.”
