Sallyport Commercial Finance arranged a $3.25 million combined credit facility offering an accounts receivable line, purchase order facility and inventory facility to help an apparel company refinance its existing senior credit facility and provide additional working capital.
The company brings a wealth of business experience in sourcing and fabricating private label denim and activewear lines for a number of high-profile customers and brands. In the midst of a difficult restructuring plan, the owner turned to Sallyport’s management team for some direction and much needed working capital, the lack of which was stifling the growth and opportunity of the company, forcing it to turn away business.
“At very short notice we were asked if we could help out the client and the exiting lender. With mutual cooperation of the three parties we got the deal done in five days. Now we are concentrating on helping our new client build out their opportunity,” says Nick Hart, president of Sallyport.
Ongoing use of funds will be used to expand the company’s own unique clothing line while paying down debt to a previous lender. With a solid restructuring plan and a strong finance partner, the business is positioned to meet their obligations, service their existing and new client base, grow their brand and achieve their hopes and dreams.
