Wintrust Receivables Finance closed a new $15 million accounts receivable line of credit for a Southeast-based third-party logistics firm.
The client company focuses on full truckload freight for enterprise shippers from across the U.S. The company was founded in late 2021 by transportation industry veterans. After growing in excess of 400% during 2022, the company is projecting more than 50% growth in 2023.
At the time the company was introduced to Wintrust Receivables Finance, it was concerned that its incumbent bank would not have the ability to provide the level of working capital support it would need to execute its 2023 plan and beyond. The new $15 million line is more than double what the previous bank was able to provide. With the larger line in place, the company has access to the working capital to execute its growth plan.
Since the closing of the line, the firm has also added, via acquisition, an asset-based trucking operation. In addition to the new line of credit, the Wintrust Receivables Finance team is also providing the client with a full suite of treasury management products and services.
“We have been very impressed with the leadership team and their ability to scale quickly and execute their vision, all while providing a high level of customer service to their client base,” Jason LeuVoy, group senior vice president of Wintrust Receivables Finance, said. “Our group has a long track record of financing high-growth logistics and asset-based trucking firms, and we look forward to partnering with this team for many years to come.”
