Sallyport provided $2.5 million in financing for an established Canadian business in need of funding to support its restructure and continued growth. Referred to Sallyport by another alternative finance company and trusted industry partner, the funding comprises $2 million accounts receivable finance and $500,000 in inventory finance.
The client will use the funds to acquire the assets of Big Erics, a supplier of sanitation and janitorial equipment as well as food services and kitchen equipment to the restaurant industry, out of CCAA (Companies’ Creditors Arrangement Act), a legal arrangement that affords companies with financial challenges the time to restructure their organizations and move forward regrouped to further success.
“It was an absolute pleasure dealing with Trevor and his team throughout this process,” Dan Millar, vice president of sales for Sallyport in Canada, said. “We are excited to watch them grow and realize their expansion goals in Atlantic Canada and beyond!”
“The business has been through a challenging period which stemmed from the impact of the pandemic on our industry and the subsequent economic environment. Dan and the Sallyport team have diligently supported us through a complex situation as we navigated the business’ restructure and they patiently dealt with the various stakeholders that were involved,” Trevor Melendy, CEO of Big Erics, said. “We are hugely grateful for this new partnership and having gone through this process with them, we are assured that we have the best team on our side and can now look forward to this next stage in our business’ growth with optimism and enthusiasm.”
