Wintrust Business Credit (WBC) closed a new $100 million asset-based revolving line of credit to this Midwest-based distributor. WBC acted as the administrative agent and lead arranger for the new credit facility.
The company had a 20+ year relationship with its former bank, but it had outgrown the prior institution’s capabilities, as it needed to upsize its line of credit to support numerous growth opportunities. The company’s management team was impressed with WBC’s relationship approach and robust capital markets expertise. The new partnership with WBC amounts to a significant increase in the company’s access to liquidity, which will give the leadership team the working capital support they need to execute their strategic growth initiatives. In addition to the line of credit, WBC is also providing a full suite of treasury management products and services.
“The management team here has done an incredible job growing the company over the years, given some of the limitations of its previous banking partner. We are looking forward to seeing where the team will be able to take the company with WBC’s support,” Jason LeuVoy, national head of originations at WBC, said. “As we continue to expand WBC’s geographic footprint, our relationship approach with how we look at new business opportunities has resonated with the management teams of our middle market borrowers. Taking the time to truly understand our prospective clients’ underlying business and associated financing needs is the foundation of successful long-term partnerships with our clients.”
