Wintrust Receivables Finance closed a new $4.5 million accounts receivable line of credit for a managed transportation company. The East Coast-based firm specializes in managing the in-bound and out-bound freight for middle-market manufactures and distributors around the United States.
In the past 12 months, the managed transportation company has grown revenues by nearly 400%, necessitating the need for a larger and more flexible line of credit to support its continued growth. The availability provided by the Wintrust line of credit will allow the company to continue its growth trajectory without having to raise outside capital and dilute the current ownership team. In addition to significantly increasing the size of the company’s working capital line of credit, Wintrust is also providing a suite of treasury management products and services.
“The growth this team has achieved over the last year has been amazing. We feel it shows the value the company is providing to the market by using advanced analytics and data to maximize their client’s freight spend,” Jason LeuVoy, senior vice president of Wintrust Receivables Finance, said. “This transaction will make an excellent addition to our growing portfolio of transportation and logistics clients. We believe that our flexible and aggressively structured line of credit will give the management team the financial support they need to continue their growth.”
