Wintrust Receivables Finance closed a new $4.75 million line of credit for a provider of logistics and transportation management services. The family-owned and operated company manages both inbound and outbound freight for firms in the retail and industrial food sector. The company lost its largest customer in mid-2019, and efforts to replace that revenue were delayed by the early shutdowns related to COVID-19. During this time, the company’s bank requested that it find a new lender to support the business.
“We are happy to add this company to our growing portfolio of clients in the transportation and logistics space,” Jason LeuVoy, senior vice president of Wintrust Receivables Finance, said. “We were extremely impressed during the underwriting process by the management team’s ability to meet or exceed monthly projections in a very difficult environment. As we look forward to the U.S. economy continuing to open up, we are excited to see where this company is headed and we are ready to support its additional financing needs as it continues to grow.”
Clifford Croley, senior partner at Croley, Martell & Associates, originally introduced the opportunity to Wintrust.
“We were strongly impressed with the knowledge the Wintrust team has of the transportation and logistics industry,” Croley said. “We appreciated Wintrust’s experience and willingness to listen to our client’s needs and craft solutions. This allowed us to quickly focus our discussions on the key elements of the deal, which led to a successful transaction for all of the stakeholders.”
In addition to the new line of credit, Wintrust Bank also provided a $100,000 corporate card and a suite of treasury management services.
