Stonegate Capital announced it has closed a $10.5 million senior credit facility with PureTek Corporation. Headquartered in Panorama City, CA, PureTek manufactures a variety of branded and private label pharmaceutical, nutritional and personal care products for retail chain stores and branded drug distributors throughout the US.

PureTek has the ability to produce pharmaceutical and nutritional delivery systems encompassing tablets, capsules and liquids, as well as large-batch capacity for personal care liquids, lotions, creams, and oils. The facility consists of a revolving line of credit and term loan. The company utilized the senior debt facility to refinance prior indebtedness and will continue to use it to support ongoing operational initiatives.

“Working with Stonegate was different than every other lender that we worked with during our recent refinancing.  The Stonegate team made the effort to really understand our business and the difference that made was enormous,” stated Dick Alston, PureTek CFO.  “The structure they developed was exactly what we needed to provide the working capital to finance our business that we expect will be doubling in the next 12 months. While all credit agreement negotiations and drafting are time consuming, the Stonegate team was able to meet our deadlines. They differentiated themselves by showing the sense of urgency to fulfill our needs while following through to an efficient closing. We are happy with the outcome.”

“We are ecstatic about the opportunity to partner with a dynamic, highly-capable company like PureTek.  Now that its capital structure is optimized and is no longer an impediment to achieving the growth of which the company is capable, it will be exciting to watch as PureTek continues its upward trajectory,” said Jay Fabian, Director at Stonegate Capital. This investment contributes to an extremely successful first few months of 2019 for Stonegate Capital which saw the company close on over $50 million of commitments in the first quarter alone.