Allied Affiliated Funding announced several recently closed transactions. Allied provided a $1,500,000 credit facility and a $100,000 term loan to a trucking company servicing the construction, aggregate and mill service markets. This company was financed by another factoring firm but was looking for a lower cost financing source offering more flexibility. Referred to Allied by a broker, Allied was able to set up a factoring facility for both the company's billed and unbilled receivables while also providing a $100,000 term loan.  Allied and the company's banker creatively structured a traditional bank line of credit that worked in tandem with the factoring relationship. This joint financing option will further help to lower the company's overall cost of funds. This funding by Allied provides the company with cost savings, additional working capital from the term loan, and an avenue to exit their existing financing relationship

Allied Affiliated Funding also provided a $500,000 credit facility to a technology and business services company offering mainframe computer and business process outsourcing. The company was financed by another factor, and over time, the factor increased their target client profile to include higher revenue companies.  This client company was not generating enough business to meet the factor's higher funding requirements, so they sought out a new funding source. Knowing the broad range of companies Allied works with from funding start ups to $10,000,000 in lines of credit, the former factor referred the company to Allied.  Allied was quickly able to set up a factoring facility to replace their former factor in a short time period. This funding by Allied will enable the company to continue receiving the working capital they need to operate their business.

 

Amerisource announced the closing and funding of a $1,000,000 credit facility for a cellular communications equipment manufacturer based in upstate New York.

This newly established venture-backed company needed a means for additional growth and working capital that its original investors were not prepared to provide.  Since bank financing was not a viable option, Amerisource was the ideal financing partner.  The credit facility will allow the company to grow, accelerating the equity group's return on its investment.

"This is another great example of how Amerisource can work with private equity investors to leverage the Company's assets to obtain that optimum balance of debt and equity that investors seek to maximize return on investment," said D. Michael Monk, managing partner of Amerisource.

 

Cole Taylor Business Capital, a division of Cole Taylor Bank, recently announced the funding of a $17 million facility for General Products Corporation. The company, located in Livonia, MI is a supplier of highly-engineered and precision machined components for the heavy-truck and automotive industries. Proceeds of the facility were used to refinance existing debt and fund ongoing working capital.
General Products Corporation is a portfolio company of Norwest Mezzanine Partners of Minneapolis, MN, which provides mezzanine debt and equity investments to growing and profitable middle market companies.

 

MBG FINANCE Ltd. is pleased to announce three recent finance transactions: a bridge loan to a Montreal construction company for $500,000 against commercial real estate; a $120,000 term loan on a commercial property in Sherbrooke Quebec in the furniture industry, and a $100,000 bridge loan for a restaurant in the Bahamas.  

 

Monroe Capital LLC announced the funding of a $75 million senior secured credit facility to support the growth of Alora Pharmaceuticals, LLC (Alora), the parent company of Avion Pharmaceuticals, LLC and Acella Pharmaceuticals, LLC.

Based in Alpharetta, GA, Alora develops and manufactures pharmaceuticals, including prenatal vitamins, nutraceuticals, dermatologics and innovative products for gastroenterology and endocrinology disorders. Alora maintains a broad portfolio of both branded and non-branded products, focusing on identifying opportunities to acquire and enhance the market potential of commercially available dietary supplement products and late-stage development drugs to fulfill unmet medical and dietary needs. Alora's flagship product, Prenate® is a leading brand name in the prescription prenatal vitamin market.  

 

CIT Group Inc. , a leading provider of financing and advisory services to small businesses and middle market companies, announced the appointment of Israel "Izzy" Kaufman as executive vice president, treasurer effective immediately. He will report directly to chief financial officer Scott T. Parker.

Parker said, "Izzy's broad corporate experience across the financial sector will benefit CIT as we continue to focus on prudently growing our business and meeting our profitability targets. He will serve as a key member of our finance leadership team and I look forward to working with him."

Kaufman will be responsible for all functional areas of CIT's treasury group, including funding, asset/liability management, hedging, international treasury, cash management, capital management and rating agency relations.

Prior to CIT, Kaufman served as Global Treasurer of Geller & Company. Before this he held a number of senior positions at The Goldman Sachs Group, Inc. including: treasurer, Goldman Sachs Bank USA; chief financial officer, Global Banking Group, and vice president, firmwide strategy. Prior to Goldman Sachs, he served as assistant treasurer of Marsh & McLennan, Inc. and was U.S. treasurer at Lehman Brothers. Prior to this he spent more than 10 years at Goldman Sachs in its treasury and investment banking areas.