Sallyport Revitalizes Canadian Business with $2.5M Finance Boost
Sallyport is delighted to be announcing $2.5 million in financing for an established Canadian business in need of funding to support their restructure and continued growth.
Referred to Sallyport by another alternative finance company and trusted industry partner, the funding comprises $2,000,000 Accounts Receivable finance and $500,000 in Inventory Finance. A supplier of sanitation and janitorial equipment as well as food services and kitchen equipment to the restaurant industry, the impact of the pandemic on Big Erics was felt more profoundly than in other industries. Post-pandemic, the business faced increasing costs and debt repayments compounded by rising interest rates and found themselves needing to restructure in order to move forward.
The client will use the funds to acquire the assets of Big Erics Inc. out of CCAA (Companies’ Creditors Arrangement Act), a legal arrangement that affords companies with financial challenges the time to restructure their organizations and move forward regrouped to further success.
The CCAA framework meant there were intricacies and added complexity for Sallyport to navigate, along with multiple stakeholders to satisfy and all of this with stringent deadlines to meet. The successful conclusion of the funding speaks volumes about the expertise and efficacy of the Sallyport team in supporting businesses with complex financial needs.
VP Sales for Sallyport in Canada, Dan Millar, is excited for the client’s future…
“It was an absolute pleasure dealing with Trevor and his team throughout this process. We are excited to watch them grow and realize their expansion goals in Atlantic Canada and Beyond!”
Trevor Melendy, CEO of Big Eric’s, is reassured to have an experienced financial partner in Sallyport…
“The business has been through a challenging period which stemmed from the impact of the pandemic on our industry and the subsequent economic environment. Dan and the Sallyport team have diligently supported us through a complex situation as we navigated the business’ restructure and they patiently dealt with the various stakeholders that were involved. We are hugely grateful for this new partnership and having gone through this process with them, we are assured that we have the best team on our side and can now look forward to this next stage in our business’ growth with optimism and enthusiasm.”
The infusion of working capital not only propels the business towards its expansion goals but also heralds a new chapter in the evolution of restaurant supply in the Atlantic provinces of Canada. With enhanced resources and capabilities at their disposal, the business is poised to carve out a new niche for themselves and drive innovation within these critical industries for many more years to come.
