NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc., has provided a $9 million revolving credit facility to SureSource LLC. Headquartered in Shelton, CT, SureSource is a leading provider of direct-to-consumer e-commerce platforms and related services to global consumer product companies that manage some of the world’s most recognized brands, such as Budweiser, Ford, Cuisinart, Coca-Cola, Crayola, and Hershey’s among others. SureSource is a portfolio company of Veronis Suhler Stevenson (“VSS”), a private investment firm based in New York, NY. The revolving credit facility will be used for working capital and to support future growth.
“The team at NewStar took the time to understand our business, including the long standing relationships we have with our global branded clients and customers who have supported us for many years. That understanding allowed them to tailor the structure of the credit facility to meet our unique needs,” said SureSource’s President, Mike Mullen.
“An ever increasing share of retail commerce is conducted through on-line channels and SureSource has developed an attractive niche market position in that space by offering an e-commerce platform with turn-key online stores that help leading branded consumer product companies sell on-line directly to consumers. We are pleased to have the opportunity to help enable them to continue investing in their technology platform and client relationships,” added Milton Iskra, National Marketing Manager for NewStar Business Credit.
NewStar’s John Rossi, an SVP located in the company’s Boston office, originated the transaction.
NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $25 million. Deal structures are flexible and tailored to meet each client’s unique needs. Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalizations and refinancings, as well as, to support internal growth strategies.