Rosenthal Closes Three ABL Transactions Totaling Nearly $20 Million
NEW YORK– Rosenthal & Rosenthal, Inc., the leading factoring, asset based lending, purchase order financing and inventory financing firm in the United States, today announced the recent completion of three asset based lending transactions totaling $19.5 million.
A bi-coastal private car service business, primarily serving the entertainment community, had just emerged from the pandemic and the writers’ strike and was poised to grow their business exponentially. The company was referred to Rosenthal by a banker who knew the company needed a flexible and creative lender to support their working capital needs. Rosenthal provided a $4 million revolving line by leveraging the company’s receivables along with real estate collateral, which further enhanced the company’s liquidity. The transaction was originated and closed by Robert Martucci, National Sales Manager of Rosenthal’s Asset-Based Lending division, and managed out of Rosenthal’s New York office.
A Florida-based distributor of OEM (original equipment manufacturer) auto parts was experiencing organic growth, but their existing factor was limiting their financing. The company sought out Rosenthal for a creative solution that would allow them to buy backordered parts from a Japanese supplier that was requiring prepayment. Rosenthal provided a $2.5 million credit facility with the ability to borrow on inventory, giving the management team the additional financing they needed to take advantage of this important overseas buying opportunity. The transaction was originated and closed by Robert Schnitzer, Senior Vice President in Rosenthal’s Southeast office.
A Midwest-based, family-owned wholesale distributor of residential and commercial flooring products was seeking a new financing partner after the company’s largest supplier abruptly filed for bankruptcy. As a result, the business faced numerous challenges and the company’s turnaround consultant, who was helping to manage cost-cutting efforts, referred them to Rosenthal. Although in the midst of a turnaround, Rosenthal ultimately was able to get comfortable with the plan’s execution and provide a $13 million ABL revolver, advancing against account receivables and inventory after the company executed two sale lease backs on their buildings. The transaction was originated and closed by Andrew O’Day, Vice President in Rosenthal’s Chicago office.
“All three of these transactions perfectly showcase Rosenthal’s ability to think outside the box to deliver solutions that are tailormade to meet our clients’ specific needs,” said Paul Schuldiner, Chief Lending Officer at Rosenthal. “The current market demands creative, flexible and impactful financing solutions that not only allow clients to recover from challenges they may have encountered but also better positions them for future growth.”
For more information about Rosenthal and these transactions, please visit www.rosenthalinc.com and contact Robert Martucci (RMartucci@rosenthalinc.com or 212-356-0958), Robert Schnitzer (RSchnitzer@rosenthalinc.com or 561-516-0772) and Andrew O’Day (AOday@rosenthalinc.com or 312-919-6914).
ABOUT ROSENTHAL & ROSENTHAL
With over 85+ years of leadership and industry experience, Rosenthal is now led by the third generation of the Rosenthal family. As a privately held company, Rosenthal is committed to providing personalized service, credit protection and flexible lending to small to middle-market clients across a broad range of industries, with loans ranging from $500,000 to $30MM+. With unmatched financial capacity and decades of experience, Rosenthal is best in class for all its clients’ creative financing needs, including factoring (recourse, non-recourse and international), asset-based lending, purchase order financing and inventory financing. Rosenthal’s team of seasoned commercial finance professionals covers the U.S. from coast to coast and nearly everywhere in between, with dedicated offices in New York, California, Georgia, North Carolina, Colorado, and Illinois. Visit the Difference at https://www.rosenthalinc.com.
