Sallyport Commercial Finance provided a $4 million working capital facility – including a $720,000 term loan – to a regional oil distributer. The facility was part of an acquisition finance package to support the purchase of a gas, diesel and propane distribution business out of bankruptcy in Southern California.
“We were very happy to support the acquisition of this business. We worked very hard with the purchaser, our new client, and the trustee to get a very good result for all parties. Together we have saved a brand that has been servicing the local market for 40 years and provided job security for the team that has spent a couple of years working under very trying circumstances. This case reminds us that beyond opportunity, balance sheets and profit and loss statements it is the integrity, honesty and hard work of our entrepreneurs and their diligent teams that maximize the mutual success for all,” said Nick Hart, Sallyport’s president.
Sallyport will manage the previous client under a new name, properly financing the business, ridding it of the negative narrative of the last 18 months and building a profitable business.
