Legacy Corporate Lending provided a $40 million asset-based credit facility to Spray Products Corporation, a family-owned contract manufacturer of aerosol and liquid consumer products. The transaction, which is backed by accounts receivable, inventory, machinery and equipment, and real estate was finalized in November 2024, underscoring Legacy's ability to deliver tailored financial solutions that support the growth of family-owned businesses.
Spray Products is a leading manufacturer and supplier specializing in custom high-quality aerosol and liquid products for the automotive, household, and industrial sectors. Known for its commitment to innovation and quality, the company offers a comprehensive range of services from product development to formulation and packaging, helping clients bring private-label and branded solutions to market efficiently. With state-of-the-art facilities in Pennsylvania, Ohio, and California and expertise in environmentally responsible practices, Spray Products is dedicated to delivering products that meet the highest standards of performance and regulatory compliance.
“As our turnkey approach to aerosol and liquid consumer goods manufacturing continues to support companies large and small, we have experienced a strong period of growth that has created a need for more working capital,” said Bart Bastian, Chief Executive Officer of Spray Products. “The Legacy team truly understood the intricacies of our specialized business and was able to deliver a complete financing solution with the flexibility to grow with our needs. We look forward to a lasting partnership with them.”
“It was clear that in order to support the Company’s long-term success, we needed to structure a tailored credit facility that significantly expanded the borrowing capacity that they had with their incumbent lender,” said Clark Griffith, Chief Executive Officer of Legacy. “Spray Products has been a market leader for over 60 years and we look forward to supporting them as they continue to execute their growth plans.”
“The combination of a strong asset-base, an experienced management team, and a proven business model allowed us to be creative in our approach and move quickly and efficiently to provide a successful financing,” added Anthony DiChiara, Managing Director of Originations at Legacy.