Wingspire Capital is funding a $30 million senior secured working capital revolver to a distributor in after-market auto parts, consumer electronics and personal protective equipment.
The borrower will use the funding to accelerate a turnaround plan that includes reducing expenses, eliminating slow-moving excess inventory and pursuing new customers with PPE products, including masks and thermometers.
“Our client has been doing all the right things in this unpredictable economy — executing on the fundamentals of the business and focusing on customer service, contribution margins and cash flow generation,” James Garlick, managing director and head of originations at Wingspire Capital, said.
Wingspire Capital focuses on the upper tier of the senior secured asset-based lending and ABL stretch market by providing revolving credit lines and term loans ranging from $20 million to $200 million.
