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First Capital Provides $15.5MM Credit Facility to Nick Barbieri Trucking

September 23, 2014, 07:49 AM
Filed Under: Distribution

First Capital provided a $15.5 million Asset-Based credit facility to Nick Barbieri Trucking, LLC (NBT), a leading West Coast distributor of fuel and lubricants. The senior credit facility consists of a $14 million working capital revolver secured by accounts receivable and inventory, and a $1.5 million term loan secured by machinery and equipment.

First Capital was selected by NBT to provide the credit facility because of First Capital’s responsiveness to create a flexible facility that will provide working capital to accomplish the next step in their growth plan. Proceeds from the new facility will be used to facilitate the acquisition of Royal Petroleum.

“The team at First Capital was able to deliver on all the requirements we had in a new financing facility and lender,” stated Scott Kelleher, CFO of NBT.  “The acquisition of Royal is a natural step in our growth plan and will allow us to increase our customer base while streamlining our operations.”

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

This transaction was referred to David Braff 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 customized and timely working capital financing solutions primarily to small and middle-market companies engaged mainly in manufacturing, distributing and business services with annual sales greater than $1 million.  Lines of credit are in the form of Asset-Based Loans, Factoring or Invoice Purchasing arrangements ranging from $200,000 to $25 million.  Originally formed in 1988, First Capital is one of the largest independent asset-based working capital lenders in the country.  Headquartered in New York City, the firm has additional offices in Atlanta, Boynton Beach, Chicago, Dallas, Los Angeles, and Oklahoma City with regional sales offices located across the United States.

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