Porter Capital funds $ 50 million Tier 1 auto parts maker
Hired by the bank agent to refinance the relationship, Porter extended a $ 80.5MM credit facility to provide sufficient availability to pull out the existing lender and give the client the opportunity to grow and expand operations.
John cox miller, Senior Vice President of Porter Capital, said, â85% of our customers’ revenues come from parts sold to Audi, BMW and Daimler. We’re not too concerned that one customer’s revenue is focused on three customers. were challenged by our inability to obtain a personal guarantee or validity due to foreign ownership. Fortunately, our credit committee felt comfortable with a corporate guarantee given their track record with clients. ”
With its current production facility of approximately 200,000 square feet, the manufacturer is adding an additional 150,000 square feet to meet demand. The semiconductor shortage has driven down revenues; however, the business is moving ahead at full speed.
Porter’s credit facility allows the client to capitalize on the business without giving up equity and increase income without being subject to financial covenants.
âWe are proud to support and add another client to our portfolio at Porter Capital. High growth mode manufacturing companies are ideally suited for factoring, Porter Capital CEO said, Marc Porter. ”
About Porter Capital:
Porter Capital Corporation was founded in 1991 by brothers Marc and Donald Porter in Birmingham, Alabama. Porter provides working capital solutions to businesses across the country in a variety of industries. As a direct lender and factoring company, Porter Capital has provided over 8 billion dollars in financing since its inception. Porter Capital offers invoice factoring and asset-based lines of credit up to $ 15 million. Since the founding of the company, Porter Capital has grown to include a special transportation division known as Porter Freight Funding. Porter’s businesses continue to grow by providing working capital solutions, with a focus on personalized and dedicated customer service without sacrificing speed and efficiency.
To learn more about Porter Capital Corporation and how it can be a provider of working capital solutions for businesses, call 1-800-737-7344 or visit its official website.
SOURCE Porter Capital