Entrepreneur Growth Capital (“EGC”) is pleased to announce the closing of a $15 million asset based line of credit to a Pennsylvania based chocolate and candy manufacturer (the “Company”).
The Company has grown organically and through acquisition and was traditionally bank financed. After losing its largest customer, it turned EBITDA negative and was asked to find a new lender. New management came in and through an investment banker led process, EGC was chosen. The facility provides availability against accounts receivable, inventory, equipment and cash.
Dean Landis, CEO of EGC, stated “EGC is excited to work with the Company as it regains its footing. The new management is great to work with; the tricky part of this deal was not only all the separately reporting subsidiaries, but also navigating various subordinated lenders.” The new CEO added “It is refreshing to work with a lender that is flexible and creative. We chose EGC based on its structuring and had confidence that they would be able to close based on a mutually successful past relationship.”
About Entrepreneur Growth Capital:
EGC is a privately held specialty finance company providing asset-based loans from $1 to $20 million. EGC provides revolvers and term loans to companies that either are not ready for, or choose not to pursue, traditional bank financing. Throughout its 89-year history, EGC has always served small and middle market borrowers and prides itself on flexibility and direct access to decision makers. For more information, visit www.egcap.com or call 212-838-4858.