Middle Market Company Acquisition Made Possible With $13 Million Commitment from Accord Financial
Accord Financial Corp., one of the U.S. and Canada’s leading independent finance companies ("Accord") (TSX: ACD) announced the closing of a $13 million credit facility to support the acquisition of an equipment services company. Accord’s Asset Based Lending Group structured the facility to include a traditional revolving credit package backed by accounts receivable and inventory as well as a term loan supported by equipment.
“This transaction reflects Accord’s ability to support not only the organic growth of our customers, but also their acquisition opportunities. Our ability to structure facilities that fully leverage the current and fixed assets of the company, including a significant term loan supported by equipment, was a key ingredient in this transaction. It also reflects our strong commitment to independent owners and sponsors operating in the lower middle market.”
Jim Hogan, President, US Commercial Finance.
Accord’s lending relationship with this customer began less than two years ago with the closing of a $4.5 million refinance of an incumbent lender. Subsequently the facility was increased to $7 million with the addition of a new term loan. Under this newest facility, the term loan was both increased and renewed with the support of the acquired assets.
About Accord Financial Corp.
Accord Financial is North America’s most dynamic commercial finance company providing fast, versatile financing solutions for companies in transition including asset-based lending, factoring, inventory finance, equipment leasing, trade finance, and film/media finance. By leveraging our unique combination of financial strength, deep experience, and independent thinking, we craft winning financial solutions for both small businesses and medium-sized enterprises, simply delivered, so our clients can thrive. For 44 years, Accord has helped businesses manage their cash flows and maximize financial opportunities.