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First Capital Provides $9MM ABL Facility to Xenon Arc

September 16, 2013, 08:01 AM
Filed Under: Logistics
Related: First Capital

First Capital, a specialized commercial finance company, announced that it has provided a $9,000,000 Asset-Based lending facility to Xenon Arc, Inc., a provider of business process solutions and logistics services for specialty chemicals and related industries.  The senior credit facility consists of a working capital revolver collateralized by accounts receivable and inventory.  Xenon Arc is a portfolio company of private equity group Weston Presidio.

“We are excited to provide this financing to support such a strong management team and quality equity sponsor,” said Mark Orlando, Senior Vice President at First Capital.  “Our team worked quickly to gain approval and close the loan to provide added liquidity for Xenon Arc’s business growth.”

Chad Steigers, President of Xenon Arc, Inc., stated, “First Capital was able to create a scalable line that is able to both expand on our current facility, as well as support our rapid growth rate going forward.  First Capital is a great fit for us, both financially and culturally, and we look forward to a long term, mutually beneficial partnership.”

Josh McDowell, Partner of Weston Presidio, indicated, “First Capital was responsive and showed flexibility throughout the process to tailor a financing package that was the best solution for us at Weston Presidio and Xenon Arc.  We are happy to have First Capital support our growing portfolio company and hope to have many future opportunities to work together.”

First Capital provides working capital financing ranging from $4 million to $25 million primarily to growing and middle-market businesses with annual sales ranging from $10 million to $250 million.  Credit facilities are typically in the form of Asset-Based lines of credit.

This transaction was sourced by Mark Orlando and will be serviced by First Capital’s Western Region located in Los Angeles, California, and managed by ABL Western Region Manager Matthew Grimes. 

First Capital provides working capital financing typically ranging from $4 million to $25 million primarily to growing and middle-market companies with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based Loans or Factoring arrangements.  First Capital is one of the largest independent Asset-Based working capital lenders in the United States.  Headquartered in New York City, the firm has additional market offices in Atlanta, Boynton Beach, Chicago, Ft. Lauderdale, Los Angeles, and Oklahoma City, with sales offices located across the United States.

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