Sallyport provisioned $7 million in accounts receivable financing to support a strategic acquisition in the entertainment services industry. The new client successfully purchased the business, an existing Sallyport client, through an article 9 sale.
The client will use Sallyport’s financing to repay the existing client facility and support ongoing working capital needs, with a primary focus on accounts receivable collection work.
“Sallyport was keen to support the acquisition of the assets of our client as this provided continuity for customers and secured jobs for the existing team,” Nick Hart, president of Sallyport, said. “The post-COVID time period has been challenging for many businesses and an organization of restructure and sale to a new owner is the best option for employees and customers. Under new ownership, we believe the team will go from strength to strength. Sallyport is very happy to have assisted with the process.”
