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Wintrust Receivables Finance Closes New $15MM Line of Credit for Fast-Growing Third-Party Logistics Firm

October 03, 2023, 07:54 AM
Filed Under: Logistics

Wintrust Receivables Finance (WRF) closed a new $15 million account receivable line of credit for a Southeast-based, third-party logistics firm. The company focuses on full truckload freight for enterprise shippers from across the country. The company was founded in late 2021 by a number of transportation industry veterans. The firm has shown a significant amount of topline growth over the last 24 months, driven by its ability to provide industry-leading customer service to numerous Fortune 500 firms. After growing in excess of 400% during 2022, the company is projecting more than 50% growth in 2023.

At the time the company was introduced to WRF they were concerned that their incumbent bank would not have the ability to provide the level of working capital support they would need to execute their 2023 plan and beyond. The new $15 million line is more than double what the previous bank was able to provide. With the larger WRF line in place, the company’s management feels they have access to the working capital they need to execute their growth plan.   Since the closing of the WRF line, the firm has also added, via acquisition, an asset-based trucking operation. In addition to the new line of credit, the WRF team is also providing a full suite of Treasury Management products and services.

According to WRF Group Senior Vice President Jason LeuVoy, “We have been very impressed with the leadership team, and their ability to scale quickly and execute their vision, all while providing a high level of customer service to their client base.” LeuVoy added, “Our group has a long track record of financing high-growth logistics and asset-based trucking firms, and we look forward to partnering with this team for many years to come.”

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