Cortland Credit Group (“Cortland”) closed a C$15 million Asset Based Loan (ABL) revolver for a leading Canadian veterinary pharmaceuticals company. The ABL facility includes an uncommitted C$15 million accordion, allowing the borrower to increase the commitment to C$30 million. This is a syndicated transaction, with Cortland acting as agent and committing alongside another lender. The funding was used to refinance a large Canadian bank and support working capital requirements as the company grows.
 
The company is based in Canada but also serves customers in USA, UK, Australia, and New Zealand. They focus on products that improve animal welfare, pain relief, and illness protection for livestock.  Since 2023, the company has experienced high revenue growth, geographic expansion, and an increased asset base.
 
Cortland and the company first interacted in late 2023,commencing a relationship.  In early 2025, Cortland first proposed a credit facility, at which point the company decided to focus on an additional strategic financing, which was subsequently completed. Finally, in late 2025 the opportunity to provide a credit facility materialized due to the growing need for a thoughtfully structured and growth-oriented asset-based credit facility. The ABL facility focuses on accounts receivable and inventory across the borrower group.
 
Alex Preobrazenski, Chief Investment Officer stated “We are proud to add this borrower to our portfolio.  The company is an example of a fast-growing Canadian organization, founded and led by a management team with ambitions to grow a global business, supporting animal wellness with support for the food supply chain.  We have a strong outlook for this sector.