LockeBridge Capital Partners, a leading middle market Boston area investment banking firm, announced today that it acted as the exclusive financial advisor to a fast-growing $300 million wholesaler of consumer products in securing a new $25 million working capital credit facility. LockeBridge’s specialized financing expertise and national lending network is quite unique and a strong complement to its M&A advisory services.

Bob Seltzer, Managing Director and Corporate Finance Practice Lead stated, “Our Client outgrew its $10 million credit facility in 2020 and asked us to find a lending solution to meet their inventory and purchase order financing needs.  In addition to establishing a lending syndicate to support their significant growth, with all of the flexibility of the existing credit facility, we also needed to find a lender with a back office that could update the client borrowing base and move money on a daily basis.”

LockeBridge conducted an extensive nation-wide search of more than 60 different bank and non-bank lenders that resulted in six highly competitive term sheets. The accepted solution includes a $20 million revolving credit line and a committed $5 million special purpose line to meet seasonal revenue surges. The new credit facility is 250 basis points less expensive and has a higher collateral advance rate than the first solution proposed to the client by its incumbent lender.

The Client’s CEO stated, “The objective of the new financing was more than merely expanding the line at a preferred rate. The structure of our existing credit facility had been dictating the way we conduct our business.  LockeBridge was able to structure a highly creative solution which offers the flexibility to enable us to run our business in a much more efficient manner. Thanks to LockeBridge we have now eliminated one of the principal gaiting factors holding us back from achieving even faster growth.”