$7,000,000 Asset-Based Lending Facility
For Premier Shirt Company to Grow Operations
Founded in 1903 and currently based in Mississauga, this company has made its name in premier shirt making over the past century. Having started out mainly as a manufacturer, the company’s business model has shifted over the years to focus mostly on importing. The company sells its shirts to major retailers as well as independents across North America.
An asset-based lender that decided to wind down operations and eventually exit the lending industry financed the company. Therefore, this premium shirt company was looking for a different lender to provide a new facility quickly and efficiently.
As we had confidence in the company’s management and in their ability to increase sales figures and profit, it allowed us to put out an aggressive offer with high advance rates on accounts receivable and on inventory, resulting in a total facility of $7 million with a limit of $3.5M on inventory.
This transaction is indicative of the capacity that we have to meet the needs of companies that are growing or are in transition mode. We are proud to support a company with such a long-standing history.