Cole Taylor Business Capital, a division of Cole Taylor Bank, is pleased to announce it recently provided a $9 million senior credit facility to Minnetonka, Minnesota based Halo Innovations, Inc. The facility was used to enable a recapitalization of the company, to provide working capital for a new product roll out, and for other ongoing working capital needs.
Founded over 20 years ago by a SIDS (Sudden Infant Death Syndrome) father, Halo Innovations is dedicated to developing infant health and wellness products intended to set new standards for the safety and improved health of sleeping infants and bring peace of mind to parents. The market leading Halo® SleepSack™ wearable blanket is used by more than 1,400 hospital nurseries and millions of parents to provide a safe crib environment for their baby . The company’s new award winning Halo Bassinest™ Swivel Sleeper is rolling out nationally this summer.
Balance Point Capital Partners, a Westport, Connecticut-based private equity fund focused on investing flexible mezzanine debt and equity capital to lower middle-market companies throughout the United States, provided mezzanine debt and preferred equity to Halo Innovations in support of the recapitalization.
Bob Hiben, CFO of Halo Innovations commented “Cole Taylor took the time to get to know our business, to understand our needs and then to develop a strong proposal. The facility was structured in a way which fully meets our current needs and provides flexibility to accommodate our future growth.”
Mike Sharkey, president of Cole Taylor Business Capital says, “We are very good at helping many companies achieve their financial goals, but we especially like it when we can help our customers achieve their life long dreams. With the recent funding to Halo Innovations the company is able to continue to bring innovative and beneficial products to the market.”
Cole Taylor Business Capital is the asset-based lending division of Cole Taylor Bank. Cole Taylor Business Capital seeks asset-based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million.