Pacific Mercantile Bank, the wholly owned subsidiary of Pacific Mercantile Bancorp, announced that it has provided a $2 million credit facility to Silver Spur Corporation, consisting of a revolving line of credit. In addition to the financing, Silver Spur Corporation utilizes a full suite of Pacific Mercantile Bank's depository products and cash management services. Silver Spur Corporation was referred to Pacific Mercantile Bank by its private equity sponsor, Meridian General Capital.
Headquartered in Cerritos, Silver Spur Corporation is a leading supplier of specialty glass and plastic bottles and containers to the North American market. Silver Spur serves the nutritional supplement, pharmaceutical, cosmetic, food, beverage, wine, and auto industries with its own proprietary products in every size and shape of containers used in packaging customer products. Since 1978, the company has established a strong reputation for offering high quality colored glass such as amber, cobalt blue, and green in addition to its flint glass products. Silver Spur has its own 115,000+ square foot warehouse where it stocks more than 50 million units of product to maintain short lead times and ensure customers' immediate satisfaction.
"With the resources provided by Meridian General, we have built upon the strong platform developed over the past 40 years to transform Silver Spur into a dynamic enterprise," said Ravi Rao, who is the Executive Chairman of Silver Spur Corporation, and is also the Managing Partner of Meridian General Capital. "Pacific Mercantile has been a valuable banking partner as we continue to scale the business. Their team was flexible in structuring a credit facility that will support our financing needs as we capitalize on our growth opportunities and further expand and diversify our product offerings."
"We appreciate Meridian General Capital providing us with the opportunity to work with Silver Spur Corporation," said Zach Martin, Senior Vice President at Pacific Mercantile Bank. "Silver Spur has built a strong reputation as a reliable supply chain partner and we look forward to helping the company achieve even greater success in the future."