Sallyport’s $7,000,000 Finance Enables Seamless Article 9 Sale
Sallyport is pleased to announce the provision of $7,000,000 in Accounts Receivable Finance to support a strategic acquisition in the entertainment services industry. Our new client, who successfully purchased the business - an existing Sallyport client, through an Article 9 Sale, chose us to ensure a seamless transition for existing debtors and customers.
The acquired funds will be utilized to repay the existing client facility and support ongoing working capital needs, with a primary focus on accounts receivable collection work. The buyers were eager to acquire not only the assets but also the talented team of the company they purchased, enabling them to enter the lucrative tribal casino market where the business has established a stellar reputation and strong relationships.
Sallyport’s involvement in funding the acquisition has provided a cost-effective solution for the purchasing entity, facilitating an efficient and smooth process under the Article 9 Sale. This transaction ensures continuity for customers and secures jobs for the team, which was important to both Sallyport and the new owners.
Nick Hart, President of Sallyport, commented,
“Sallyport was keen to support the acquisition of the assets of our client as this provided continuity for customers and secured jobs for the existing team. The post-covid time period has been challenging for many businesses and an organization of restructure and sale to a new owner is the best option for employees and customers. Under new ownership, we believe the team will go from strength to strength. Sallyport is very happy to have assisted with the process.”
Sallyport remains committed to supporting businesses in the entertainment industry, helping them achieve their goals through tailored financial solutions.
About Sallyport Commerical Finance:
Sallyport Commercial Finance is an independently owned and operated specialty finance company focused on providing entrepreneurs with working capital solutions for small to medium sized businesses, to help drive growth and achieve business hopes and dreams. Sallyport Commercial Finance offers a full suite of factoring and asset based products including Accounts Receivable Finance, Purchase Order Finance, Equipment and Inventory Finance, Cash Flow Loans, and Real Estate Loans. Very experienced in all industries, our current portfolio includes businesses in Staffing, Energy, Food & Beverage, Apparel, Manufacturing, Service Industry, Transportation, Government Receivables, and IT.
