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Sallyport commercial finance are delighted to announce a total fund of $2MM to a Canadian manufacturer of home improvement products based in New Brunswick.
Referred to Sallyport by one of Canada’s top 3 commercial banks, the client had identified a strategic opportunity to acquire a complementary business, whose parent company was already going through a process of restructuring under the Companies’ Creditor Arrangement Act (“CCAA”).
Sallyport were chosen for their ability to act quickly and propose a combination of different products to meet the clients’ exact needs, consisting of an accounts receivable financing facility, an inventory revolver and a term loan secured by equipment. A financial solution ensued that enables the client to grow their number of retail stores to 6 and manufacturing facilities to 3 and expedite their group revenue to $75MM.
Calum Williamson, MD for Sallyport expanded;
“Turning around this facility in 4 weeks was a great team effort, both by Sallyport and the client. They are poised for real growth and we look forward to helping them achieve it.”
Sallyport’s new client commented;
“We chose to partner with Sallyport as they understood the process of a company being purchased out of receivership. They were able to structure the deal with different lending options on all assets, and most importantly realized the need to close the deal as quickly as possible. Working together, both my team and the team at Sallyport managed to achieve the deadlines required which was a remarkable result for everyone. We look forward to a long and prosperous relationship with our financial partner – Sallyport Commercial Finance.”
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