First Capital, a national commercial finance company, announced it has provided a $6 million Asset-Based credit facility to H2Origins Seafood, a sustainably-raised seafood distributor. The senior credit facility consists of a $6MM working capital revolver secured by accounts receivable and inventory.
First Capital was selected by the management of H2Origins to provide the credit facility due to First Capital’s ability to increase the current working capital revolver and provide additional liquidity.
“I and all of the employees of H2Origins Seafood remain very excited about our future growth plans which would not have been made possible without First Capital’s understanding and commitment to our business,” stated Chris December, President of H2Origins. “First Capital and its team delivered on creative financing terms that will allow H2Origins Seafood to continue to meet aggressive growth plans all the while delivering to our customers the world’s most delicious seafood products.”
Matthew Grimes, Executive Vice President and ABL Western Region Manager remarked, “We are proud to be part of H2Origins’ financing strategy. Chris and the whole management team at H2Origins have worked hard to create a streamlined operations plan that will ensure the distribution of quality seafood to its customers.”
First Capital provides working capital financing ranging from $2 million to $25 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based loans or Factoring arrangements.
This transaction was referred to First Capital’s ABL Western Region located in Los Angeles, California and managed by Matthew Grimes. For further information relating to this deal or for working capital financing solutions in the Western Region, please contact Mr. Grimes at 213-412-1570.
About First Capital
First Capital provides customized and timely working capital financing solutions primarily to small and middle-market companies engaged mainly in manufacturing, distributing and business services with annual sales greater than $1 million. Lines of credit are in the form of Asset-Based Loans, Factoring or Invoice Purchasing arrangements ranging from $200,000 to $25 million. Originally formed in 1988, First Capital is one of the largest independent asset-based working capital lenders in the country. Headquartered in New York City, the firm has additional offices in Atlanta, Boynton Beach, Chicago, Dallas, Los Angeles, and Oklahoma City with regional sales offices located across the United States. For more information, please visit the website at www.firstcapital.com and follow us on LinkedIn.
Source: First Capital
