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MidCap Provides $6.6MM to Virginia-Based Dye Firm

January 24, 2017, 07:08 AM
Filed Under: Textiles

MidCap Business Credit announced that it has completed a $6.6 million asset based credit facility to Ronile, Inc. and Bacova Guild, Ltd., located in Virginia.  

Ronile dyes and processes a variety of yarns primarily for the carpet, rug and craft industry and Bacova designs, markets, manufactures, imports and distributes print graphic rugs and floor mats.   The opportunity was sourced out of MidCap’s office in Atlanta, GA. In addition to refinancing the previous lender, the proceeds will be used to support working capital requirements.  MidCap Business Credit was chosen to provide the financing because of its flexibility to support the company through its anticipated growth as well as its speed to close the credit facility.

“The MidCap team has shown time and again they are fully committed to understand our needs and working with us to meet them. They have shown flexibility in both the structure of the loan and the day-to-day management of it. We are very pleased with our partnership with MidCap and looking forward to building on it for the future”, said Philip Essig President of Ronile and Bacova.

“The Ronile and Bacova team have a clear vision for the growth and success of their business.  We are thrilled to have been selected as their financing partner and we look forward to supporting their needs”, said Steven Samson, President of MidCap.

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