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First Capital Provides $16.6MM Credit Facility to Lee Masonry Products

February 26, 2013, 07:47 AM

First Capital provided $16.6 million in credit facilities to Lee Masonry Products, a distributor and manufacturer of concrete masonry products for residential and commercial construction. The senior credit facility consists of a $12 million working capital revolver collateralized by accounts receivable and inventory and $4.6 milion in term loans collateralized by machinery, equipment and real estate.

First Capital, through its relationship with a prominent consulting firm in the Great Lakes region, was referred into Lee Masonry to provide an alternative financing solution to their existing banking relationship. First Capital was able to structure a financing solution for the company that provided enough capital to restructure its current working capital facilities and provide additional capital for growth.

“We believe First Capital and its longevity and reputation in the market and its ability to structure a flexible financing program is the best choice for Lee Masonry as we continue to grow and expand in the market,” remarked Carol Lee, President and CEO of Lee Masonry.

“First Capital is pleased to provide Lee Masonry, a regional leader in the building materials business for many years, and its management team with the capital they need to continue to grow their business and capitalize on market opportunities,” said Rick Lehrter, vice president of business development in First Capital’s ABL Central Region.

This transaction will be serviced by First Capital’s ABL Central Region managed by John Curtis, EVP and ABL Central Region Manager.

First Capital provides working capital financing ranging from $2 million to $25 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based lines of credit.

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