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First Capital Provides $2.3MM Facility to Acme Machell Company

July 17, 2013, 08:06 AM
Filed Under: Manufacturing

First Capital announced it has provided a $2.295 million credit facility to Acme Machell Company, a manufacturer of specialty rubber molded products. The senior credit facility consists of a $2 million working capital revolver collateralized by accounts receivable and inventory, and a term loan in the amount of $295,000 collateralized by machinery and equipment.

First Capital was selected as the working capital partner based on First Capital’s ability to create a flexible facility that would streamline supply-chain operations and allow for growth. First Capital was able to refinance the previous lender and provide significant additional availability.

“The First Capital team took the time to learn our history and our business, as well as our future plans for growth,” remarked Thomas Cox, CEO and president of Acme Machell Company. “We have been fortunate to have been able to take advantage of significant opportunities that will allow us to service our customers better and the new facility from First Capital will allow us to streamline our operations for both efficiency and growth.”

“We are happy to work with Acme Machell on their current and future growth plans,” remarked Michel Lynch, vice president of business development in First Capital’s Minneapolis office. “The management team has worked hard to implement operational and marketing practices to restore the company to profitability and also ensure future growth.”

This transaction will be serviced by First Capital’s ABL Central Region managed by John Curtis, EVP and ABL Central Region Manager. 

First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million.

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