Siena Lending Group announced the completion of a three-year $9 million asset-based revolving credit facility for Xenith, LLC, a portfolio company of Rock Ventures LLC. Xenith will utilize Siena’s facility to provide additional liquidity and capital to support the company’s growth and new product initiatives.
Headquartered in Detroit, Xenith is engaged in the development and commercialization of football helmets and other impact protection equipment used in youth, varsity and professional levels. Xenith is an authorized supplier of football helmets to the National Football League. Through its Adaptive Head Protection®, Xenith is a recognized industry leader in helmet technology and is the only manufacturer to exclusively produce Five-Star helmets under the widely accepted Virginia Tech rating system. Xenith EPIC was recognized as the top performing helmet in the 2015 NFL Health and Safety Report, in testing coordinated with the NFL Players Association and the University of Virginia.
"We’re pleased to provide Xenith with a revolving line of credit to help the company execute its strategic plan and growth initiatives,” said David Grende, President and CEO of Siena Lending Group.
“Working with a recognized industry leader like Siena is a win-win because the company is an experienced, professional lender that will support our aggressive growth initiatives over the next three years,” said Joe Esposito, Chief Executive Officer of Xenith.
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $30 million to small-and middle-market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.
Siena’s independence as a finance company allows innovative and flexible solutions, while allowing its customers to maintain a relationship with their own bank. Siena’s management team is experienced, innovative, dependable, entrepreneurial, and highly regarded within the industry.