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UMB Bank Closes $10MM in Acquisition Financing For Scott’s Liquid Gold

July 02, 2020, 08:50 AM
Filed Under: Consumer Products
Related: UMB Bank

Scott’s Liquid Gold-Inc. announced it has entered a new credit facility with UMB Bank in conjunction with the acquisition of the Biz and Dryel laundry brands.

“We are excited about our new relationship and facility with UMB,” said Kevin A. Paprzycki, CFO and Director of Scott’s Liquid Gold-Inc. “UMB demonstrated the capacity and flexibility that Scott’s needed, enabling us to close the Biz and Dryel acquisition during difficult financing markets. We are excited about entering into a long-term, value creating partnership with UMB.”

Scott’s new credit facility includes a $7 million asset based line of credit, along with a $3 million term loan, with current interest rates of 4.75% and 5.50%, respectively. The credit facility has a three year term and includes typical covenants. The UMB credit facility replaces an existing credit facility with JPMorgan Chase Bank, which was terminated in conjunction with the closing. The Company was assisted by Business Capital, a national commercial finance company, throughout the financing process.

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