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Garrison Capital Provides $35MM Term Loan to Speed Commerce

July 10, 2014, 07:13 AM
Filed Under: Technology

Speed Commerce, Inc. has completed the asset sale of its legacy distribution business segment to WYNIT Distribution, LLC, a leading national wholesale distributor of products from the top national brands in a number of industries.

The divestiture completes the company's transformation into a pure-play e-commerce services provider for some of the world's leading brands. Speed Commerce has used the proceeds from the sale to pay down its line of credit and support the continued growth of its e-commerce business.

Speed Commerce has secured through Garrison Capital a $35 million, 60-month term loan facility, with up to an additional $15 million available. This term loan replaces the company's asset-based revolving credit facility with Wells Fargo Capital Finance.

"Over the past two and a half years, we have dedicated considerable resources to bring the company to where it is today," said Willis. "We now have the best people, solid working capital and state-of-the art infrastructure to drive double-digit growth in fiscal 2015 and beyond."

Speed Commerce, Inc. is a single-source provider of e-commerce service solutions to leading retailers and manufacturers. The company's omni-channel capabilities unite a digital commerce strategy with traditional retail channels, creating the ultimate branded shopping experience.

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