Speritas Capital Partners announced the closing of a $27 million asset-based revolving line of credit for a major plastics manufacturer. Speritas Capital was brought in by the client to assess financing options to pay off their current lender and to support substantial growth. The new revolving facility helps position this family-owned business for future expansion.

"Our ability to provide financing options beyond the company's local and regional lenders made a big difference," says Speritas Capital's CEO, Jeffrey Bardos. "We worked closely with senior management to understand the company's situation, its products and its operating issues. This kind of partnership allowed us to advise the company on the most competitive financing options. We worked with the client and the lender throughout the process to develop a comprehensive financing package that included accounts receivables, inventory, equipment and even a stretch piece. Jeff added, "I was personally gratified to assist a family-owned business with 100 employees and deep connections to the local community."

"We brought Speritas Capital into a stressful situation," noted the CEO of the client. "Jeff was able to get up to speed quickly, identify the right lending partner and help us package our information to put our story in the best light. We are in the early stages of a turnaround so explaining our restructuring was critical to a successful refinancing. Jeff's understanding of the ABL market was extremely helpful. We're very happy with the service provided and with the outcome."