Essex Capital Arranges $1.5 Million Balance Sheet Restructure
Tampa, Florida - Robert Swain, President of Essex Capital Group, Inc., announced today that the firm recently arranged $1.5 million in new financing for a Southeastern-based napkin manufacturer that supplies the cruise ship and fast food industries.
The new financing was provided in the form of an asset-based working capital line of credit from a private specialty finance company. Deal proceeds were used by the company to pay off existing debt and provide operating capital.
Tonny Arias, CEO, commented, “We are thrilled with the deal Essex brought to us. We had been factoring our accounts receivables, and Essex sourced a more dynamic line of credit solution that improved our working capital and effectively cut our cost of capital in half. Essex became a trusted member of our team and provided invaluable advice in other areas of operations as well. The firm delivered on everything they set out to accomplish, and I would highly recommend Essex to my friends and business associates.”
Mr. Swain noted, “Essex has seen a tremendous need in the current marketplace from small and mid market businesses for working capital financing. Even in today’s turbulent financial markets, the firm continues to successfully raise financing for our clients, improving liquidity, while often cutting their cost of capital simultaneously.”
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.
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- Robert Swain
- Essex Capital Group, Inc.
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