TAB Bank announced it has provided a $5.7 million asset-based credit facility for a transportation company located in the Southeast. The company operates a fleet of approximately 100 tractors and 115 trailers and is primarily a truckload refrigerated carrier servicing the Florida import seafood market and assorted backhaul markets.
The new facility includes a $3 million asset-based revolving line of credit and a $2.7 million equipment term loan. The revolving line of credit and the equipment term loan were used to payout the credit facility with the company’s previous lender and will provide for the company’s ongoing working capital needs. In addition to the lending component, the company will also utilize TAB Bank’s Treasury Management Services.
The company is owned by Nancy Creek Capital and Peachtree Equity Partners, both based in Atlanta, Georgia.
“We are very excited to complete this transaction and add this great company to our portfolio of clients who do business in the transportation industry. While we provide financing solutions to businesses from a broad range of commercial industries, transportation was the first. We know the cycles, ebbs, flows, and the various nuances of the transportation industry very well. Our team consists of many professionals who have years of experience in this industry and can provide unmatched service and solutions to our clients. This transaction is a great example of a company who will utilize the full spectrum of what we offer. We are thrilled to be their lending and banking partner and look forward to working with them in the months and years to come,” stated Steve Sala, President and CEO of TAB Bank.
TAB Bank provides custom working capital solutions to commercial businesses from many industries. These solutions are provided in all stages of business life cycles during any economic conditions. TAB Bank does this through accounts receivable financing, lines of credit, equipment finance, asset-based loans, business accounts, and treasury management services.