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Lighthouse Provides $2.5MM Credit Facility to Manufacturer, Distributor of Athletic Equipment

February 16, 2022, 08:00 AM
Filed Under: Manufacturing

Lighthouse Financial Corp. completed a $2,500,000 credit facility for a North Carolina-based manufacturer and distributor of athletic equipment. Since its inception in 1967, the company has never wavered from its primary mission: to provide innovative products that feature superb design, exceptional engineering, superior materials, precision hand craftsmanship, and rigorous quality control. As the official track-and-field equipment supplier to USATF and four Olympic Games, the company is confident that an investment in its Made-in-America equipment will enhance any facility, maximize safety, and improve the competitive experience for athletes, coaches, and spectators alike.

The company experienced significant sales declines as a result of the Covid-19 pandemic as athletic events and seasons were canceled leading to a bankruptcy filing and reorganization. After exiting bankruptcy, the company needed an understanding lending partner to pay out a previous lender and provide additional working capital. Lighthouse structured an aggressive revolving line of credit against accounts receivable and inventory and provided a term loan secured by machinery and equipment that not only paid out the existing lender but created a significant amount of additional liquidity.

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