Essex Capital Arranges $2.0 Million Debt Recapitalization
Tampa, Florida - Robert Swain, President of Essex Capital Group, Inc., announced today that the firm recently arranged a $2.0 million balance sheet recapitalization for a Southeastern-based distributor of indirect supplies to the retail industry.
The new financing was provided in the form of an asset-based working capital line of credit provided by a specialty finance company. The proceeds from the recapitalization were used by the company to pay off existing debt and provide operating capital.
Michael Vines, CFO, commented, “Essex proved to our firm an invaluable partner in securing the financing necessary for us to continue to grow. Their insights, coaching, connections made securing our credit facility possible. From our initial conversation, we felt Essex was fully engaged to help us. They went above and beyond our expectations. They were 100% responsive, proactive and kept us informed of their progress. Without a doubt, we would work with them again.”
Mr. Swain noted, “While the commercial banks continue to show extremely tight underwriting parameters for new small and mid-market credits, Essex has remained active, successfully placing debt capital for companies. Many of our clients have either been asked to leave by their existing commercial bank or have been turned down by underwriting after approaching their local banker for capital. We were certainly pleased to be able to successfully structure and close this transaction 40 days after being engaged by the client, effectively positioning the company for anticipated growth.”
Essex Capital acted as the exclusive advisor in this transaction.
About Essex Capital Group, Inc.
Essex Capital Group, Inc. is a Tampa, Florida-based corporate finance firm serving small and middle market privately-held companies located throughout the United States. Through its extensive knowledge of the capital markets, Essex provides creative solutions to businesses in need of financial restructuring. Typical advisory services include balance sheet recapitalizations with senior and subordinated debt, as well as introductions to institutional private equity investors. Since inception in 2003, Essex has successfully raised over $250 million in 50 financing transactions.
- Contact Information
- Robert Swain
- Essex Capital Group, Inc.
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