Founded in 1973, the client is an international catalyst-handling company for the refining, chemical, petrochemical, and processing industries. They started as a relatively small business in the United States but, after a series of acquisitions, they expanded into five other countries, eventually becoming a world leader in their field.  

In 2018, the company re-established their presence in the US and purchased property to house American operations.

The Situation
Unfortunately, their return to the US was dominated by the pandemic, and their performance suffered. Between 2018 and 2022, they tried to establish banking relationships, however, banks wanted to see a longer period of financial strength beyond what the operation currently had.

The catalyst handlers needed a temporary haven to give them the necessary time to develop, so another specialty finance lender referred them to Flatbay Capital.  

The Solution
Flatbay Capital provided a $4.4MM commercial real estate loan to pay off existing notes and provide cash out for working capital needs.

“We are very thankful that our partner firm reached out to us in this company’s time of need. The pandemic has caused many businesses to struggle and we are happy to provide this next stepping stone,” managing partner of Flatbay Capital, Elliot Smith, said.

The catalyst handler is projected to become bankable within the next 18 months. We can’t wait to see their expected turnaround shortly!