Entrepreneur Growth Capital (EGC) closed a $15 million asset-based line of credit to a Pennsylvania based chocolate and candy manufacturer.
The company has grown organically and through acquisition and was traditionally bank financed. After losing its largest customer, it turned EBITDA negative and was asked to find a new lender. New management came in and, through an investment banker-led process, EGC was chosen. The facility provides availability against accounts receivable, inventory, equipment and cash.
“EGC is excited to work with the company as it regains its footing,” Dean Landis, CEO of EGC, said. “The new management is great to work with; the tricky part of this deal was not only all the separately reporting subsidiaries, but also navigating various subordinated lenders.”
The new CEO added, “It is refreshing to work with a lender that is flexible and creative. We chose EGC based on its structuring and had confidence that they would be able to close based on a mutually successful past relationship.”
