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NewStar Business Credit Funds $6MM Credit Facility to Skagit Gardens

March 11, 2015, 07:34 AM
Filed Under: Distribution

NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc., provided a $6 million revolving credit facility to Skagit Gardens, Inc (“Skagit”).  Headquartered in Mt. Vernon, WA, Skagit is a premium supplier of high-quality annuals, perennials and seasonal color plants, serving both the wholesale and retail channels. The credit facility will be used to support the company’s ongoing working capital needs.

Mark Buchholz, Skagit President and CEO commented, "We are pleased to have NewStar as our lending partner.  As we continue to grow our business, NewStar’s understanding of the nursery industry, our customers, and our unique position as a top regional provider will be invaluable.  After considering a lengthy list of potential lenders, NewStar came out head and shoulders above the competition, with a program that meets our needs now and for some years to come."

NewStar Business Credit’s National Marketing Manager, Milt Iskra also commented on the transaction: “We are committed to supporting middle market companies in the Pacific Northwest and look forward to building on our relationship with Skagit.”

Lisa Adams, a Senior Vice President located in NewStar’s San Francisco office, originated the transaction.

NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $30 million.  Deal structures are flexible and tailored to meet each client’s unique needs.  Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalization and refinancing, as well as, to support internal growth strategies.

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