MidCap Business Credit announced that with the assistance of KCP Advisory Group, LLC it has completed a $6 million asset-based line of credit to SpineFrontier, Inc., a growing medical device company focused on outpatient spine surgery. The revolving line of credit is comprised of advances against the company’s receivables and inventory. The opportunity was sourced out of MidCap’s office in Hartford, CT.
In addition to refinancing the previous lender, the proceeds will be used to support working capital requirements. Jacen Dinoff of KCP Advisory Group indicated that “MidCap Business Credit was chosen to provide the financing because of its flexibility to support the company through its anticipated growth as well as its speed to close the credit facility”.
“We are pleased to have MidCap Business Credit as our lending partner as we continue to expand our business operations. The team at MidCap moved quickly and structured a facility that will allow us to capitalize the company’s position for significant growth” said Aditya Humad, President and CFO of SpineFrontier.
MidCap Business Credit provides asset based credit facilities to small and middle market businesses nationwide, who have borrowing requirements from $1 million to $10 million.
KCP Advisory Group is considered a leading business advisory firm built on the success of its professionals who specialize in providing creative solutions and aiding clients in rehabilitating their businesses. KCP renders services spanning a range of advisory roles from consulting to interim leadership.
SpineFrontier is a fast growing medical technology company that designs, develops and markets both implants and instruments for spine surgery based on the Less Exposure Surgery (LES®) Philosophy. SpineFrontier has over 30 products sold in the USA and South America with a dedicated state-of-the-art manufacturing facility to provide its surgeons with high quality products and quick turn-around times. SpineFrontier is a KICVentures portfolio company and is headquartered right outside Boston, MA.