First Capital provides $7.5 million Asset-Based Credit Facility to Gardner Glass Products, Inc
ATLANTA, GA. and BOCA RATON, FL, January 30, 2012 – First Capital, a specialized commercial finance company, announced that it has provided a $7.5 million asset-based senior credit facility to Gardner Glass Products, Inc., a producer of quality mirror and glass products in the United States. The senior credit facility consists of a $6.5 million working capital revolver collateralized by accounts receivable and inventory, and a machinery and equipment term loan in the amount of $1 million.
In addition to refinancing the previous lender, proceeds will be used to support the company's turnaround strategy and growth. First Capital was chosen to do the transaction because of its ability to provide Gardner Glass with the flexibility needed for continued growth as well as the speed needed to close the facility.
"The recession in the construction and housing industry has created a challenge for many material suppliers including Gardner Glass," remarked Melissa S. Lackey, CFO of Gardner Glass. "While we have successfully pulled through and are experiencing a period of sales growth, we were looking for a financial lender that would be able to provide the working capital for further growth. This new credit facility from First Capital provides increased flexibility to implement our strategic initiatives."
First Capital provides working capital financing ranging from $3 million to $20 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $200 million. Credit facilities are in the form of asset-based loans or factoring arrangements.
This transaction was referred to Mark Pickering by Dennis Gerrard of Aurora Management Partners and will be serviced by First Capital's MidSouth Region managed by John Nooney and located in Atlanta. For further information relating to this deal or for working capital financing solutions in the MidSouth region, please contact Mr. Pickering or Mr. Nooney at 678-594-5900.
About First Capital
First Capital is a specialized commercial finance company positioned to enable entrepreneurs to achieve their goals through working capital lines of credit typically ranging from $3-$20 million in the form of Asset Based Lending and Factoring. A team of approximately 200 professionals is committed to understanding our clients' business plans and providing timely and consistent funding decisions. Our size and scope make First Capital the preferred working capital partner -- small enough to build deep personal relationships and big enough to deliver the ideal solutions. Our commitment is to build long-lasting, mutually-beneficial relationships with clients and their advisors. First Capital differentiates itself from competitors with a performance-based culture and values-driven focus that provides the foundation for our growth and will continue to guide our vision for the future. Headquartered in Boca Raton, Florida, the firm has additional full-service offices in New York, Los Angeles, Atlanta and Oklahoma City with sales offices located across the United States. For more information, please visit www.firstcapital.com.