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First Capital Provides $12MM Credit Facility to Neopart

June 03, 2014, 07:36 AM
Filed Under: Distribution

First Capital, a national commercial finance company, announced it has provided a $12 million revolving line of credit to Neopart, LLC, a leading aftermarket parts distributor for transit and over-the-road coaches. The senior credit facility consists of a $12 million working capital revolver collateralized by accounts receivable and inventory.

First Capital was referred to the company because of First Capital’s ability to refinance the previous lender and also create a facility that would provide working capital for growth and additional market opportunities. Neopart, LLC is an industry leader and innovator for Vendor Managed Inventory (VMI) systems for the transit industry.

“The First Capital team came to us highly recommended as a lender that could help our company get to the next level,” remarked Harold Boade, CEO of Neopart, LLC. “We look forward to being able to enhance our relationships with current customers as well as capture future opportunities to achieve our growth plans.”

Michel Lynch, Vice President and Business Development Officer, stated “Neopart has significant market share in major geographic areas and needs the responsiveness and flexibility of an independent lender in order to quickly respond to customer inventory requirements and demands.”

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 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 $10 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.Neopart provides Vendor Managed Inventory (VMI) services and parts in support of public transit fleets. During its nearly three decade history, Neopart has supported over 95% of North America’s transit agencies. In 2007, Neopart was acquired from a bus manufacturer by an investor team with supply chain management expertise. The combination of Neopart’s aftermarket parts knowledge with supply chain management skills has enabled it to become the leading provider of VMI services to North American transit agencies.

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