Growth And Acquisition Financing2023-01-05T19:10:41+00:00

Growth and Acquisition Financing

Typically, as a company grows so does its need for financing. Companies need to have ready capital to take advantage of opportunities, whether organic growth or by acquisition. Factoring provides that peace of mind and reliable financing.

APPLIANCE RECYCLING CENTER

$ 5,000,0000 | Refinancing | Midwest

Client:

Appliance Recycling Center

Situation:

Company works with energy utilities to replace inefficient household appliances. In selling their most profitable division, they reduced their existing bank loan to a level that was below the bank’s desired minimum.

Need:

A facility to assist with working capital needs as they refocused their efforts on the utility side of their business.

Solution:

Prestige closed on financing the US Corporation additionally setting up an agreement to finance their Canadian subsidiary.

APPLIANCE RECYCLING CENTER

$ 5,000,0000| Refinancing| Midwest

Client:

Appliance Recycling Center

Situation:

Company works with energy utilities to replace inefficient household appliances. In selling their most profitable division, they reduced their existing bank loan to a level that was below the bank’s desired minimum.

Need:

A facility to assist with working capital needs as they refocused their efforts on the utility side of their business.

Solution:

Prestige closed on financing the US Corporation additionally setting up an agreement to finance their Canadian subsidiary.

ARCHITECTURAL DESIGN FIRM

$ 1,000,000|Income Financing | Connecticut

  • Client: Connecticut-based architectural design firm with $10 million in annual sales.
  • Situation: The six-year-old firm obtained a large project to design an amusement park exhibit which was billed on a progress basis with extended terms
  • Need: The client needed immediate access to cash flow for payroll and overhead expenses.
  • Solution: Within four business days, Prestige creatively confirmed payment with the customer and subsequently funded the initial phase of the project. That funding allowed the project to continue seamlessly.

 

ARCHITECTURAL DESIGN FIRM

$ 1,000,000| Factoring| Connecticut

Client:

Connecticut-based architectural design firm with $10 million in annual sales.

Situation:

The six-year-old firm obtained a large project to design an amusement park exhibit which was billed on a progress basis with extended terms

Need:

The client needed immediate access to cash flow for payroll and overhead expenses.

Solution:

Within four business days, Prestige creatively confirmed payment with the customer and subsequently funded the initial phase of the project. That funding allowed the project to continue seamlessly.

ARCHITECTURAL METAL AND GLASS COMPANY

$ 1,000,000|Income Financing| New York

  • Client: NY based architectural metal and glass company.
  • Situation: The client’s orders were growing quickly and they were having difficulty with cash flow with their current bank line.
  • Need: A larger line to support their growth. Their banker recognized that by replacing their bank credit line with cash flow on their invoices, the client would be able to accept much larger contracts whose invoices would be financed by Prestige.
  • Solution: The client is now able to take on much larger orders. They are grateful that their banker recognized that Prestige’s program was a better fit for their rapid growth than traditional bank financing.

ARCHITECTURAL METAL AND GLASS COMPANY

$ 1,000,000| Factoring | New York

Client:

NY based architectural metal and glass company.

Situation:

The client’s orders were growing quickly and they were having difficulty with cash flow with their current bank line.

Need:

A larger line to support their growth. Their banker recognized that by replacing their bank credit line with cash flow on their invoices, the client would be able to accept much larger contracts whose invoices would be financed by Prestige.

Solution:

The client is now able to take on much larger orders. They are grateful that their banker recognized that Prestige’s program was a better fit for their rapid growth than traditional bank financing.

AUTOMOTIVE PARTS MANUFACTURER

$ 40,000,000| Income Financing | Midwest

  • Client: Midwest Automotive Parts Manufacturer
  • Situation: An automotive holding company was in aggressive acquisition mode in an attempt to take advantage of the downturn in the automotive industry.
  • Need: The client was looking to partner with a commercial finance source that could close complex leveraged buyouts in 2 weeks or less.
  • Solution: Prestige was able to close and fund seven separate transactions totaling $40 million in combined facilities. Within 6-9 months, the client graduated to an $80 million ABL facility.

AUTOMOTIVE PARTS MANUFACTURER

$ 40,000,000| Factoring | Midwest

Client:

Midwest automotive parts manufacturer.

Situation:

22-year-old manufacturer was in aggressive acquisition mode during the downturn in the automotive industry.

Need:

The client wanted to partner with a commercial finance source that could close complex leveraged buyouts in two weeks or less.

Solution:

Prestige was able to close and fund seven separate transactions totaling $40 million in combined facilities. Within nine months, the client graduated to an $80 million asset based lending facility.

AUTOMOTIVE PARTS MANUFACTURER

$ 40,000,000| Factoring | Midwest

Client:

Midwest automotive parts manufacturer

Situation:

22-year-old manufacturer was in aggressive acquisition mode during the downturn in the automotive industry.

Need:

The client wanted to partner with a commercial finance source that could close complex leveraged buyouts in two weeks or less.

Solution:

Prestige was able to close and fund seven separate transactions totaling $40 million in combined facilities. Within nine months, the client graduated to an $80 million asset based lending facility.

BOSTON TECHNOLOGY COMPANY

$ 300,000|Technology|Boston

  • Client: Boston Technology Company
  • Situation: The client’s business was growing rapidly as his business was in the rapidly growing sector known as IoT (internet of things).
  • Need: As additional restaurants were signing up for the client’s services, the company realized that their existing financing was insufficient for such rapid growth.
  • Solution: By partnering with Prestige Capital, he was able to keep cash flow steady and sign on new accounts at a rapid pace. This was done without seeking additional equity, which would have required substantial time and energy during this fast-paced sales cycle.

BOSTON TECHNOLOGY COMPANY

$ 300,000| Technology| Boston

Client:

Boston Technology Company

Situation:

The client’s business was growing rapidly as his business was in the rapidly growing sector known as IoT (internet of things).

Need:

As additional restaurants were signing up for the client’s services, the company realized that their existing financing was insufficient for such rapid growth.

Solution:

By partnering with Prestige Capital, he was able to keep cash flow steady and sign on new accounts at a rapid pace. This was done without seeking additional equity, which would have required substantial time and energy during this fast-paced sales cycle.

BRIDAL WEAR DESIGNER

$ 1,000,000| Factoring| New York

  • Client: New York bridal wear design company.
  • Situation: 13 year old bridal wear designer obtained a large order from a major retailer for her fashion line.
  • Need: Client required financing on this one account in order to pay her supplier and all other factoring companies programs required her to sell all her receivables rather than just the receivable from the major retailer.
  • Solution: Prestige’s flexible finance program allowed the client to factor just this one account (also known as spot factoring) enabling her to continue to invoice and collect from all her other accounts directly. Prestige provided a $1 million dollar line in order to fund the large invoice within a week and allowed the client to maintain the control of her business that she was seeking.

BULK MATERIAL HANDLING COMPANY

$ 2,000,000| Factoring| Midwest

Client:

Midwest bulk material handling company with $10 million in annual sales.

Situation:

Client was unhappy with their former factor who was not timely in funding assignments of invoices. The client asked his equipment lender for a referral to a new working capital provider.

Need:

Solution:

Prestige provided a $2 million factoring facility to pay off the former factor within six days, and together with the equipment lender, worked out a collateral sharing agreement which gave the client greater borrowing power.

BULK MATERIAL HANDLING COMPANY

$ 2,000,000| Factoring | Midwest

Client:

Midwest bulk material handling company with $10 million in annual sales.

Situation:

Client was unhappy with their former factor who was not timely in funding assignments of invoices. The client asked his equipment lender for a referral to a new working capital provider.

Need:

Solution:

Prestige provided a $2 million factoring facility to pay off the former factor within six days, and together with the equipment lender, worked out a collateral sharing agreement which gave the client greater borrowing power.

CALIFORNIA AI COMPANY

$ 25,000,000 | Consumer Products | California

Client:

California AI Company

Situation:

The client needed liquidity in the 4th quarter to pay suppliers during their busy holiday season.

Need:

The client was actively seeking an increase in their bank line to support their growth, however, the bank was not comfortable giving a line increase at this time.

Solution:

Prestige was able to work with the bank in a carve out situation, to finance the client’s largest retail receivables to provide liquidity to pay their suppliers in a timely manner.

CALIFORNIA COSMETIC COMPANY

$ Line Amount| Consumer Products | California

Client:

California Cosmetic Company

Situation:

Client received a large order from a subscription box company.

Need:

Client was seeking funding to pay his overseas supplier to enable goods to be shipped and order to be filled.

Solution:

    • Prestige partnered with a Purchase Order Finance company to fill the order and Prestige funded the invoice enabling a smooth transition of processing the order.

CALIFORNIA HAIR CARE PRODUCT COMPANY

$ Line Amount | Consumer Products | California

Client:

California Hair Care Product Company

Situation:

Celebrity Hairstylist created a hair care product line and received a large order from a retailer.

Need:

Client had approached their bank for a loan to assist in financing their supplier. The bank wasn’t able to assist as the company was too new.

Solution:

The bank introduced them to Prestige. Prestige set up a Factor’s Assurance program with their domestic supplier in order to get their supplier funded as soon as the order shipped and the client submitted the invoice to Prestige. This created a great partnership and goodwill between the client and their supplier, allowing them to continue to expand their business and accept additional larger orders.

CALL CENTER

$ 5,000,000| Factoring | Ontario, Ontario

Client:

Ontario, Canada-based call center with $50 million in annual sales.

Situation:

Ten-year-old call center was being acquired by a U.S. investor group.

Need:

The investors were seeking to leverage the receivables of the call center to complete the acquisition and provide ongoing working capital.

Solution:

In less than two weeks from the initial inquiry, Prestige provided a $5 million factoring line, allowing the buyers to complete the cross-border acquisition with a nominal equity investment.

CANADIAN APPLIANCE RECYCLING

$ 2,000,000| Service Providers| Canada

Client:

Canadian Appliance Recycling

Situation:

This appliance recycling center is a division of a current client and was seeking working capital for their North American division.

Need:

The client had obtained large contracts and needed cash flow for operations.

Solution:

Within a week Prestige funded their receivables which enabled them to expand their program.

CARTON MANUFACTURER

$ 300,000| Factoring | New Jersey

Client:

U.S. Subsidiary of German carton manufacturer with $5 million in annual sales.

Situation:

The ten-year-old subsidiary was historically funded by its foreign parent company. Due to the global banking environment, the parent company made an abrupt decision to stop supporting the U.S. subsidiary. As a result, the subsidiary faced closure if it could not secure financing.

Need:

The subsidiary needed immediate stand-alone financing to provide for its ongoing capital needs.

Solution:

Within four days, Prestige purchased and funded $300,000 in receivables which prevented a disruption in operations and preserved jobs. Without this funding, the subsidiary probably would have closed.

CONCRETE COMPANY

$ 1,000,000| Income Financing | New Jersey

  • Client: New Jersey-based third generation ready-mix concrete company with $8 million in annual sales.
  • Situation: The company’s bank was taken over by the FDIC which resulted in their loss of an ongoing funding source. Without a line, the 11-year-old company was unable to pay its vendors and had to scale back operations.
  • Need: In order to repay its debt to the bank/FDIC and secure financing to resume normal business operations, the company needed a finance company that was sophisticated enough to negotiate with both the bank and the FDIC attorneys to close the deal.
  • Solution: After several months of bureaucratic negotiations, Prestige factored approximately $1 million in receivables, repaying the client’s debt and cleaning up its payables so that the company could return to normal operations.

Income Financing |New Jersey

CONSTRUCTION CLEAN UP COMPANY

$ 1,000,000|Income Financing |New York

  • Client: NY based construction clean up company.
  • Situation: The client was experiencing cash flow issues because of slow paying customers. Their banker could no longer continue covering their overdrafts therefore they referred the client to Prestige.
  • Need: Steady cash flow to make their payroll without interruption.
  • Solution: Prestige was able to provide immediate financing on their invoices to smooth out their cash flow which allowed them to take on additional clients and grow their business rapidly.

CONSTRUCTION CLEAN UP COMPANY

$ 1,000,000| Factoring| New York

Client:

NY based construction clean up company.

Situation:

The client was experiencing cash flow issues because of slow paying customers. Their banker could no longer continue covering their overdrafts therefore they referred the client to Prestige.

Need:

Steady cash flow to make their payroll without interruption.

Solution:

Prestige was able to provide immediate financing on their invoices to smooth out their cash flow which allowed them to take on additional clients and grow their business rapidly.

CONSUMER ELECTRONICS COMPANY

$ 5,000,000| Factoring| Midwest

Client:

Midwest-based consumer electronics company with $75 million in annual sales.

Situation:

The bank for this eight-year-old seasonal business failed to close a new line of credit in a timely manner.

Need:

The client needed bridge financing to fill the gap until permanent financing could be obtained.

Solution:

Within five business days, Prestige provided a $5 million bridge facility to alleviate the timing pressure until the company’s bank could close the facility.

CONSUMER ELECTRONICS COMPANY

$ 5,000,000| Factoring | Midwest

Client:

Midwest-based consumer electronics company with $75 million in annual sales.

Situation:

The bank for this eight-year-old seasonal business failed to close a new line of credit in a timely manner.

Need:

The client needed bridge financing to fill the gap until permanent financing could be obtained.

Solution:

Within five business days, Prestige provided a $5 million bridge facility to alleviate the timing pressure until the company’s bank could close the facility.

CONSUMER PRODUCT COMPANY

$ 12,000,000| Consumer Products| New York

Client:

Situation:

This 30 year old company needed to pay off their bank due to a breach of financial covenants.

Need:

Client needed to move quickly to pay off their bank line before year end. Their bank line included both accounts receivable and inventory.

Solution:

Prestige brought in an inventory lender to partner with, enabling a combined facility to have sufficient cash to pay off the bank. Within two weeks, the financing was provided to pay off the bank within their expected payoff date allowing the company to continue with their turnaround plan.

CONSUMER PRODUCTS COMPANY

$ 1,350,000| Factoring | Midwest

Client:

Midwest consumer products company with $20 million in annual sales.

Situation:

The fifteen-year-old company’s lender was unable to provide a scheduled seasonal over advance due to issues with its own bank. The client was at risk of losing $5 million in sales.

Need:

The client was seeking immediate funding to fulfill its orders.

Solution:

Within seven business days, Prestige was able to negotiate an intercreditor agreement (carve out) with the bank to provide the client with the liquidity needed to meet its seasonal demands.

CONSUMER PRODUCTS COMPANY

$ 1,350,000| Factoring | Midwest

Client:

Midwest consumer products company with $20 million in annual sales

Situation:

The fifteen-year-old company’s lender was unable to provide a scheduled seasonal over advance due to issues with its own bank. The client was at risk of losing $5 million in sales.

Need:

he client was seeking immediate funding to fulfill its orders.

Solution:

Within seven business days, Prestige was able to negotiate an intercreditor agreement (carve out) with the bank to provide the client with the liquidity needed to meet its seasonal demands.

CONSUMER PRODUCTS REPAIR COMPANY

$ 2,000,000| Factoring | Long Island, New York

Client:

Long Island-based consumer products repair company with $5 million in annual sales.

Situation:

The eleven-year-old company was previously funded by a private investor but needed an immediate capital infusion as it was on the brink of insolvency. The client and its advisors were deciding whether to file for bankruptcy or restructure out of court. The client was introduced to Prestige by its attorney who knew that Prestige has long history of success in providing financing to companies in financial distress.

Need:

The client’s preference was to avoid a costly bankruptcy and select a financing partner which could work with the company as it navigated its way back to profitability.

Solution:

In less than one week, Prestige funded a $2 million line, reduced the client’s cost of financing, and helped the client avoid filing for bankruptcy.

CONSUMER PRODUCTS REPAIR COMPANY

$ 2,000,000| Factoring | Long Island

Client:

Long Island-based consumer products repair company with $5 million in annual sales.

Situation:

The eleven-year-old company was previously funded by a private investor but needed an immediate capital infusion as it was on the brink of insolvency. The client and its advisors were deciding whether to file for bankruptcy or restructure out of court. The client was introduced to Prestige by its attorney who knew that Prestige has long history of success in providing financing to companies in financial distress.

Need:

The client’s preference was to avoid a costly bankruptcy and select a financing partner which could work with the company as it navigated its way back to profitability.

Solution:

In less than one week, Prestige funded a $2 million line, reduced the client’s cost of financing, and helped the client avoid filing for bankruptcy.

CREATIVE SERVICES FIRM

$ 500,000| Factoring| New York

Client:

New York-based creative services firm with $2.5 million in annual sales.

Situation:

The one-year-old company creates advertising jingles for airlines and other clients. It takes the firm 45 to 60 days to generate billable work and then an additional 45 days before payments are received. This lengthy cycle resulted in cash flow constraints for the firm.

Need:

The client required working capital financing to support this growing business.

Solution:

Prestige provide a $500,000 line which bridges the gap between invoicing and payment and supports daily working capital needs.

CUSTOM MINTED COINS AND MEDALS

$ 1,000,000|Income Financing| Nevada

  • Client: Nevada Manufacturer of Custom minted coins and medals
  • Situation: Company had just filed bankruptcy and needed funds to continue production
  • Need: Debtor in possession financing
  • Solution: In less than a week, Prestige was able to fund the company’s accounts receivables while in chapter 11 bankruptcy so that they could fill their existing orders.

CUSTOM MINTED COINS AND MEDALS

$ 1,000,000 | Factoring | Nevada

Client:

Nevada Manufacturer of Custom minted coins and medals

Situation:

Company had just filed bankruptcy and needed funds to continue production.

Need:

Debtor in possession financing.

Solution:

In less than a week, Prestige was able to fund the company’s accounts receivables while in chapter 11 bankruptcy so that they could fill their existing orders.

CUSTOM MINTED COINS AND MEDALS

$ 1,000,000| Factoring | Nevada

Client:

Nevada Manufacturer of Custom minted coins and medals

Situation:

Company had just filed bankruptcy and needed funds to continue production.

Need:

Debtor in possession financing

Solution:

In less than a week, Prestige was able to fund the company’s accounts receivables while in chapter 11 bankruptcy so that they could fill their existing orders.

DENTAL HYGIENE INVENTOR

$ 1,000,000| Income Financing| Florida

  • Client: Florida-based dental hygiene inventor.
  • Situation: After many years of development, a start-up with an innovative product was successful in reaching an exclusive agreement with a large national retailer.
  • Need: Due to the sales concentration risk, the client had difficulty obtaining traditional financing from a bank.
  • Solution: Prestige provided a factoring facility of $1 million without restrictive covenants related to the sales concentration account.

DENTAL HYGIENE INVENTOR

$ 1,000,000| Factoring | Florida

Client:

Florida-based dental hygiene inventor

Situation:

After many years of development, a start-up with an innovative product was successful in reaching an exclusive agreement with a large national retailer.

Need:

Due to the sales concentration risk, the client had difficulty obtaining traditional financing from a bank.

Solution:

Prestige provided a factoring facility of $1 million without restrictive covenants related to the sales concentration account.

DIGITAL MEDIA COMPANY

$ 750,000|Income Financing| New York

  • Client: Upstate New York digital media company
  • Situation: The client developed digital technology that was being sold to big box retailers. The orders from the retailers were coming in fast and the client couldn’t keep up fulfilling the orders.
  • Need: The client needed working capital to be able to fulfill the orders from the retailers in a timely manner.
  • Solution: In less than one week from the initial call with the client, Prestige provided a $750,000 factoring line of credit which improved their cash flow and enabled the client to fulfill the back log of orders and ongoing working capital.

DIGITAL MEDIA PRODUCTS AND SERVICES

$ 475,000| Factoring| New Jersey

Client:

New Jersey Digital media products and services

Situation:

Recently spun off from a larger corporation, this employee owned company was required to pay off a large note to the parent company.

Need:

Cash flow to pay off debt and support growth

Solution:

Prestige was able to provide much-needed cash flow by financing their accounts receivables, this enabled them to service their customers and pay off their note to the parent company.

DIGITAL MEDIA PRODUCTS AND SERVICES

$ 475,000|Income Financing |New Jersey

  • Client: New Jersey Digital media products and services
  • Situation: Recently spun off from a larger corporation, this employee owned company was required to pay off a large note to the parent company.
  • Need: Cash flow to pay off debt and support growth
  • Solution: Prestige was able to provide much-needed cash flow by financing their accounts receivables, this enabled them to service their customers and pay off their note to the parent company.

EAST COAST TECHNOLOGY COMPANY

$ 750,000| Factoring| East Coast

Client:

East Coast technology company with $10 million in annual sales.

Situation:

Client sought cash flow to grow their business without diluting equity.

Need:

Client pre-bills its customers one year in advance, however there can be a delay before the client receives payments from its customers. In the interim between invoicing customers and collecting cash receipts, the Company needed capital to fund daily operating expenses.

Solution:

Prestige provided a $750,000 factoring facility within seven days and developed a confirmation letter for the client to provide to his customers which guaranteed payment of the invoices, thereby providing a workable solution for both Prestige and client.

ELECTRONICS DISTRIBUTOR

$ 500,000 | Factoring | East Coast

Client:

East Coast electronics distributor with $3 million in annual sales.

Situation:

The distributor was an existing client of Prestige Capital and its management team was well known to Prestige. The Client’s owners made the strategic decision to focus their attention on other core businesses and wanted to divest the electronics distributor.

Need:

Client’s senior management team approached Prestige to fund a management buyout.

Solution:

Within three business days, Prestige refinanced the existing facility for the newly acquired company with the new ownership group.

ELECTRONICS IMPORTER

$ 500,000|Income Financing |Long Island

  • Client: A five year old electronics importer.
  • Situation: The client had insufficient cash flow to fill their orders.
  • Need: As a new entity of a larger conglomerate, this division did not have sufficient length of time in business to obtain a traditional bank facility.
  • Solution: Within 7 business days, Prestige provided a $500,000 line of credit to fill their backlog of orders. In addition, they added two other related companies that also did not qualify for traditional bank financing. Prestige also secured a Factor’s Assurance letter to their supplier which guarantees payment to the supplier once an invoice is sold to Prestige.

ENERGY CONSULTANTS

$ 300,000|Income Financing| New York

  • Client: New York-based energy consultants with $3 million in annual sales.
  • Situation: The five-year-old company was experiencing slow payments from its customers causing cash flow issues.
  • Need: Sought working capital to support energy conservation program sponsored by Con Edison.
  • Solution: In three business days, Prestige was able to provide a $300,000 line.

FLORIDA CALL CENTER

$ 1,000,000| Factoring| Florida

Client:

Florida-based call center with $15 million in annual sales.

Situation:

A re-start of a company lacked financing for working capital needs.

Need:

This fast-growing company was looking to keep its cash flow moving smoothly and did not want to dilute its ownership through equity financing.

Solution:

Prestige provided a $1 million dollar factoring line with a tiered pricing structure based on volume.

FOOD AND DRUG MANUFACTURER

$ 500,000|Income Financing| Upstate NY

  • Client: Food and drug manufacturer based in Upstate NY.
  • Situation: Client was receiving large orders to manufacture private label products for large distributors. They were unable to fill these orders without a financing partner.
  • Need: A credit facility to ensure that they would have availability to buy raw materials to create their product and fill their orders in a timely manner.
  • Solution: Within one week Prestige, was able to finance their invoices and seamlessly keep up with their growing pipeline.

FOOD AND DRUG MANUFACTURER

$ 500,000 | Factoring | Upstate NY

Client:

Food and drug manufacturer based in Upstate NY.

Situation:

Client was receiving large orders to manufacture private label products for large distributors. They were unable to fill these orders without a financing partner.

Need:

A credit facility to ensure that they would have availability to buy raw materials to create their product and fill their orders in a timely manner.

Solution:

Within one week Prestige, was able to finance their invoices and seamlessly keep up with their growing pipeline.

GEORGIA ACCESSORY COMPANY

$ 500,000 | Consumer Products | Georgia

Client:

Georgia Accessory Company

Situation:

This client received a large order to have his product featured in a subscription based delivery box.

Need:

Since this order was much larger than his typical volume, the client needed to monetize the invoice in order to pay his supplier in within terms.

Solution:

Within a week, Prestige was able to finance this single debtor account and paid his supplier promptly.

GEORGIA HAIR ACCESSORY COMPANY

$ 600,000 | Consumer Products | Georgia

Client:

Georgia Hair Accessory Company

Situation:

This company won an award as best new retail product and was awarded wide distribution in all regions of the chain.

Need:

The client needed immediate cash flow to pay their suppliers in a timely manner.

Solution:

Within two weeks, the client was able to factor their invoices enabling them to pay their supplier in a timely manner.

GEORGIA STAFFING COMPANY

$ 2,500,000| Service Providers| Georgia

Client:

Georgia Staffing Company

Situation:

After failing to complete the leverage buyout with an asset based lender, the client was at risk of losing the opportunity.

Need:

Client needed a funding partner who could close very quickly.

Solution:

Within 7 business days, Prestige provided the capital to close the transaction.

HI-TECH ELECTRONIC MANUFACTURER

$ 1,500,000| Factoring | Midwest

Client:

Hi-Tech Electronic Manufacturer

Situation:

Foreign-owned company had US presence, but no operational or support staff in the US.

Need:

Client sought acquisition financing to assist in the purchase of this entity and incorporate in the US.

Solution:

The combination of factoring the target’s A/R and the unencumbered A/R of one of their other holdings provided the necessary funds to complete the acquisition within two weeks of being introduced to the deal.

HOSIERY MANUFACTURER

$ 2,750,000| Income Financing| New York, New York

  • Client: New York-based hosiery manufacturer with $3 million in annual sales.
  • Situation: This ten-year-old company had an opportunity to accept a $10 million dollar order from a well-known retailer but lacked adequate financing.
  • Need: Unable to fund this larger order, the client secured purchase order financing. The purchase order financing firm, in turn, introduced the client to Prestige to factor the receivables in order to repay the purchase order financing.
  • Solution: In less than two weeks, both the purchase order and factoring facilities were in place, enabling the client to manufacture the goods and quadruple sales.

HOSIERY MANUFACTURER

$ 2,750,000| Factoring | New York

Client:

New York-based hosiery manufacturer with $3 million in annual sales.

Situation:

This ten-year-old company had an opportunity to accept a $10 million dollar order from a well-known retailer but lacked adequate financing.

Need:

Unable to fund this larger order, the client secured purchase order financing. The purchase order financing firm, in turn, introduced the client to Prestige to factor the receivables in order to repay the purchase order financing.

Solution:

In less than two weeks, both the purchase order and factoring facilities were in place, enabling the client to manufacture the goods and quadruple sales.

HOSIERY MANUFACTURER

$ 2,750,000| Factoring | New York

Client:

New York-based hosiery manufacturer with $3 million in annual sales.

Situation:

This ten-year-old company had an opportunity to accept a $10 million dollar order from a well-known retailer but lacked adequate financing.

Need:

Unable to fund this larger order, the client secured purchase order financing. The purchase order financing firm, in turn, introduced the client to Prestige to factor the receivables in order to repay the purchase order financing.

Solution:

In less than two weeks, both the purchase order and factoring facilities were in place, enabling the client to manufacture the goods and quadruple sales.

IMPORTER OF GIFT TEA PACKAGES

$ 750,000 | Income Financing | New Jersey

Client:

New Jersey-based importer of gift tea packages with $22 million in annual sales.

Situation:

The sixty-five-year-old company had historically been self-funded. The importer began to purchase inventory from a new overseas supplier which offered lower prices and higher quality, but could not grant credit terms.

Need:

The client needed financing to afford upfront payments for orders and shipping costs, and prepare for seasonal peaks.

Solution:

Prestige provided a $750,000 factoring line which allowed the client to pay suppliers upon receipt of product, and has increased profitability and sales volume.

IMPORTER OF GIFT TEA PACKAGES

$ 750,000| Factoring | New Jersey

Client:

New Jersey-based importer of gift tea packages with $22 million in annual sales.

Situation:

The sixty-five-year-old company had historically been self-funded. The importer began to purchase inventory from a new overseas supplier which offered lower prices and higher quality, but could not grant credit terms.

Need:

The client needed financing to afford upfront payments for orders and shipping costs, and prepare for seasonal peaks.

Solution:

Prestige provided a $750,000 factoring line which allowed the client to pay suppliers upon receipt of product, and has increased profitability and sales volume.

IMPORTER OF HOUSEHOLD GOODS

$ 600,000|Income Financing| New Jersey

  • Client: New Jersey-based importer of household goods with $4 million in annual sales.
  • Situation: The three-year-old company had a strong backlog of orders but did not have adequate cash flow to purchase inventory to fulfill them. The importer applied for an SBA loan but was told that it would take some time to get approved.
  • Need: The client needed bridge funding to fill the gap until the SBA loan was approved.
  • Solution: Prestige provided bridge funding while client arranged for additional working capital with an SBA lender. The SBA loan funded additional assets, while Prestige continued to fund receivables to support daily working capital needs.

IMPORTER OF HOUSEHOLD GOODS

$ 600,000 | Factoring | New Jersey

Client:

New Jersey-based importer of household goods with $4 million in annual sales.

Situation:

The three-year-old company had a strong backlog of orders but did not have adequate cash flow to purchase inventory to fulfill them. The importer applied for an SBA loan but was told that it would take some time to get approved.

Need:

The client needed bridge funding to fill the gap until the SBA loan was approved.

Solution:

Prestige provided bridge funding while client arranged for additional working capital with an SBA lender. The SBA loan funded additional assets, while Prestige continued to fund receivables to support daily working capital needs.

IMPORTER OF MEN’S APPAREL

$ 1,000,000| Income Financing| New Jersey

  • Client: New Jersey importer of men’s dress shirts.
  • Situation: Client was unable to keep up with pace of orders from large retailers and their bank was unable to extend a credit facility due to the lack of financial strength of the company.
  • Need: The client needed a growth facility to fill the orders from large retailers and continue to grow their business.
  • Solution: Prestige provided a $1 million dollar facility so that the client would be able to fill his backlog of orders and grow his business. He has since added another division and has obtained a line of $1 million for that entity as well.

JANITORIAL MAINTENANCE

$ 5,000,000| Service Providers| New Jersey

Client:

Janitorial Maintenance

Situation:

A turnaround advisor who had previously worked for a client of Prestige Capital was hired by a bankruptcy trustee to assist in obtaining Debtor in Possession (DIP) financing for this 7 entity holding company.

Need:

These companies had been self-funded. However, needed relief and financing due to a large federal tax lien.

Solution:

Within 5 business days, Prestige Capital provided the DIP financing needed to keep the company operational while developing its plan of reorganization.

LIFESTYLE MAGAZINE

$ 1,500,000 | Consumer Products | New York

Client:

Lifestyle Magazine

Situation:

This lifestyle magazine had gone through financial difficulties as the magazine industry has taken a downturn in recent years. Their bank no longer supported them and asked them to find a new lender. The lender that they had been negotiating with for the previous 45 days suddenly declined the financing.

Need:

A financial partner who would look beyond their financial statements and fund them based on their receivables which were strong and performing.

Solution:

After being introduced by an investment banker, Prestige Capital was able to relieve them of the stress caused by the other finance company and close the deal in a matter of days satisfying their bank’s payoff deadline.

LIFESTYLE MAGAZINE

$ 1,500,000| Consumer Products| New York

Client:

Lifestyle Magazine

Situation:

This lifestyle magazine had gone through financial difficulties as the magazine industry has taken a downturn in recent years. Their bank no longer supported them and asked them to find a new lender. The lender that they had been negotiating with for the previous 45 days suddenly declined the financing.

Need:

A financial partner who would look beyond their financial statements and fund them based on their receivables which were strong and performing.

Solution:

After being introduced by an investment banker, Prestige Capital was able to relieve them of the stress caused by the other finance company and close the deal in a matter of days satisfying their bank’s payoff deadline.

LIGHT MANUFACTURER

$ 1, 500,000| Factoring | U.S. Subsidiary

Client:

A light manufacturer, which was a domestic subsidiary of an insolvent foreign parent company.

Situation:

The foreign parent company defaulted on its loan obligation, and even though the subsidiaries were not parties to the loan agreement, they found themselves without a lender while the matter was being resolved.

Need:

The two U.S. subsidiaries needed stand-alone financing to fulfill a backlog of orders and provide ongoing working capital.

Solution:

Prestige worked diligently to provide a combined line of $1.5 million for the entities to meet payroll and operating expenses.

LIGHT MANUFACTURER

$ 1,500,000| Factoring | U.S. Subsidiary

Client:

A light manufacturer, which was a domestic subsidiary of an insolvent foreign parent company.

Situation:

The foreign parent company defaulted on its loan obligation, and even though the subsidiaries were not parties to the loan agreement, they found themselves without a lender while the matter was being resolved.

Need:

The two U.S. subsidiaries needed stand-alone financing to fulfill a backlog of orders and provide ongoing working capital.

Solution:

Prestige worked diligently to provide a combined line of $1.5 million for the entities to meet payroll and operating expenses.

LIQUOR MANUFACTURER

$ 3,000,000| Factoring | East Coast

Client:

East Coast high-end branded liquor manufacturer.

Situation:

The start-up company, which was originally seeking equity financing, was introduced to Prestige by a bank seeking their non-lending business. The client had a 100% sales concentration account which made it very difficult to raise equity or obtain traditional bank financing. In addition, the client’s contract manufacturer was unable to provide terms due to a lack of payment history.

Need:

Based on forecasted sales to the customer, the client needed a $3 million line for working capital needs.

Solution:

After performing due diligence on the client’s customer, Prestige provided a $3 million factoring line, without diluting equity. Additionally, the referring bank obtained the banking relationship for the client. One and a half years later, the owner sold to a conglomerate for $30 million.

LIQUOR MANUFACTURER

$ 3,000,000| Factoring | East Coast

Client:

East Coast high-end branded liquor manufacturer

Situation:

The start-up company, which was originally seeking equity financing, was introduced to Prestige by a bank seeking their non-lending business. The client had a 100% sales concentration account which made it very difficult to raise equity or obtain traditional bank financing. In addition, the client’s contract manufacturer was unable to provide terms due to a lack of payment history.

Need:

Based on forecasted sales to the customer, the client needed a $3 million line for working capital needs.

Solution:

After performing due diligence on the client’s customer, Prestige provided a $3 million factoring line, without diluting equity. Additionally, the referring bank obtained the banking relationship for the client. One and a half years later, the owner sold to a conglomerate for $30 million.

LONG ISLAND TRANSPORTATION COMPANY

$ Line Amount| Service Providers| New York

Client:

Long Island Transportation Company

Situation:

Company was introduced by a turnaround firm due to an immediate cash need after losing their bank line.

Need:

Client needed cash in order to make their payroll in a timely manner.

Solution:

Within 10 days Prestige funded their AR and provided the financing they needed to make payroll and continue operations.

LOS ANGELES SKINCARE COMPANY

$ Line Amount | Consumer Products | California

Client:

Los Angeles Skincare Company

Situation:

Client obtained a large order with a subscription box company and didn’t have credit with her supplier.

Need:

The domestic supplier recommended the client work with Prestige’s Factors Assurance payment program. The supplier had a previous customer who had done this and the supplier had been paid directly by Prestige out of the invoice advance in a timely manner.

Solution:

Prestige was able to pay the supplier once the product was shipped to the customer enabling her to fulfill the order.

MANUFACTURER AND DISTRIBUTOR OF SWIMMING POOL ACCESSORIES

750,000 | Income Financing | Southwest

Client:

Creator, manufacturer and distributor of innovative swimming pool accessories.

Situation:

Client’s business was beginning to grow beyond his initial seed investment.

Need:

Client was seeking purchase order financing and factoring to fill his orders which were growing in size.

Solution:

His investment banker made an introduction to Prestige. Coordinating efforts with our Purchase Order finance partner, we were able to assist the client to fill his orders ensuring his continued steady growth.

MANUFACTURER AND DISTRIBUTOR OF SWIMMING POOL ACCESSORIES

$ 750,000| Factoring | Southwest

Client:

Creator, manufacturer and distributor of innovative swimming pool accessories.

Situation:

Client’s business was beginning to grow beyond his initial seed investment.

Need:

Client was seeking purchase order financing and factoring to fill his orders which were growing in size.

Solution:

His investment banker made an introduction to Prestige. Coordinating efforts with our Purchase Order finance partner, we were able to assist the client to fill his orders ensuring his continued steady growth.

MANUFACTURER AND DISTRIBUTOR OF SWIMMING POOL ACCESSORIES

$ 750,000| Factoring | Southwest

Client:

Creator, manufacturer and distributor of innovative swimming pool accessories

Situation:

Client’s business was beginning to grow beyond his initial seed investment.

Need:

Client was seeking purchase order financing and factoring to fill his orders which were growing in size.

Solution:

His investment banker made an introduction to Prestige. Coordinating efforts with our Purchase Order finance partner, we were able to assist the client to fill his orders ensuring his continued steady growth.

MANUFACTURER OF RUGGED ELECTRONICS FOR INDUSTRIAL USE

$ 1,500,000| Factoring | Midwest

Client:

Manufacturer of Rugged Electronics for Industrial Use

Situation:

Large global manufacturer decided to sell off a small division based in the US.

Need:

Buyer needed nominal working capital for operations but needed available funds to assist them acquiring a US Subsidiary of a Hi-tech Electronic manufacturer and operate that business from its current offices.

Solution:

Even though a large concentration existed in the customer base, Prestige was able to fund all of their accounts receivable which not only provided the working capital to operate the business effectively but provided the additional capital needed to close the acquisition.

MANUFACTURER OF SPECIALTY VEHICLES

$ 500,000|Income Financing |New Jersey

  • Client: New Jersey-based manufacturer of specialty vehicles.
  • Situation: The client was purchasing a fabricator of specialty vehicles from an Assignee for the Benefit of Creditors.
  • Need: The acquisition process in an ABC matter can be complex due to the divergent interests of different stakeholder groups and the legal processes required to implement a transaction. The client needed a lender who had extensive situational experience and a track record of providing financing to companies in similar positions.
  • Solution: Prestige provided a $500,000 factoring line of credit to support the acquisition. Prestige has long history of success in providing financing to companies in financial distress and helping clients navigate through the process quickly and efficiently.
    Novelty Product Manufacturer

MANUFACTURER OF SPECIALTY VEHICLES

$ 500,000| Factoring | New Jersey

Client:

New Jersey-based manufacturer of specialty vehicles.

Situation:

The client was purchasing a fabricator of specialty vehicles from an Assignee for the Benefit of Creditors.

Need:

The acquisition process in an ABC matter can be complex due to the divergent interests of different stakeholder groups and the legal processes required to implement a transaction. The client needed a lender who had extensive situational experience and a track record of providing financing to companies in similar positions.

Solution:

Prestige provided a $500,000 factoring line of credit to support the acquisition. Prestige has long history of success in providing financing to companies in financial distress and helping clients navigate through the process quickly and efficiently.
Novelty Product Manufacturer.

MANUFACTURER OF SPECIALTY VEHICLES

$ 500,000| Factoring | New Jersey

Client:

New Jersey-based manufacturer of specialty vehicles.

Situation:

The client was purchasing a fabricator of specialty vehicles from an Assignee for the Benefit of Creditors.

Need:

The acquisition process in an ABC matter can be complex due to the divergent interests of different stakeholder groups and the legal processes required to implement a transaction. The client needed a lender who had extensive situational experience and a track record of providing financing to companies in similar positions.

Solution:

Prestige provided a $500,000 factoring line of credit to support the acquisition. Prestige has long history of success in providing financing to companies in financial distress and helping clients navigate through the process quickly and efficiently.
Novelty Product Manufacturer.

MANUFACTURER OF TELEPHONE ACCESSORIES

$ 2,500,000|Income Financing |New Jersey

  • Client: New Jersey-based manufacturer of telephone accessories with $1million in annual sales.
  • Situation: The start-up was looking for an alternative to raising equity at the early stage of their business.
  • Need: The client needed working capital to pay overseas suppliers in a timely manner.
  • Solution: Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.

MANUFACTURER OF TELEPHONE ACCESSORIES

$ 2,500,000| Factoring | New Jersey

Client:

New Jersey-based manufacturer of telephone accessories with $1million in annual sales.

Situation:

The start-up was looking for an alternative to raising equity at the early stage of their business.

Need:

The client needed working capital to pay overseas suppliers in a timely manner.

Solution:

Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.

MANUFACTURER OF TELEPHONE ACCESSORIES

$ 2,500,000| Factoring | New Jersey

Client:

New Jersey-based manufacturer of telephone accessories with $1million in annual sales.

Situation:

The start-up was looking for an alternative to raising equity at the early stage of their business.

Need:

The client needed working capital to pay overseas suppliers in a timely manner.

Solution:

Prestige provided a $2.5 million factoring line of credit to meet the client’s initial needs and provide for ongoing growth.

MANUFACTURER SPORTS NUTRITION

$ 500,000 | Factoring | Florida

Client:

Florida-based manufacturer of sports nutrition products.

Situation:

After two years of research and development, the early stage company started generating revenue and needed to turn their invoices into immediate cash.

Need:

The client needed cash to pay their suppliers up-front and to fund other working capital needs.

Solution:

In six business days, Prestige provided a $500,000 factoring line of credit to the client which provided working capital and supported the company’s growth plan.

MANUFACTURERS OF SKIN CARE PRODUCTS

$ 750,000 | Factoring | New York

Client:

New York Skin care manufacturer

Situation:

Company was experiencing a cash crunch due to extended terms with their largest customer.

Need:

Cash flow to maintain operations

Solution:

Prestige was able to factor their large receivable giving them the much-needed cash flow to service their customer base.

MARBLE AND TILE IMPORTER

$ 3,000,000|Income Financing |Long Island

  • Client: Long Island-based marble and tile importer with $10 million in annual sales.
  • Situation: The twenty-year-old company had historically been self-funded. The importer experienced a cash flow crunch when its receivable turnover slowed to an unprecedented 60 days and its vendors required payment within 30 days.
  • Need: The client needed a working capital line to close the accounts receivable/accounts payable gap and take advantage of trade discounts.
  • Solution: Prestige provided $3 million in receivables funding. The company was no longer strained by the slow turnover of receivables and increased sales by 20% in three months.

MARYLAND MULTI-CHANNEL MARKETING

$ 1,500,000| Service Provider| Maryland

Client:

Maryland Multi-Channel Marketing

Situation:

This marketing business was trying to sell a division. While seeking an alternate buyer, they needed cash flow during this influx stage of the business.

Need:

The turnaround firm handling this process introduced the client to Prestige for quick decision making.

Solution:

Within a week this division was funded giving the client breathing room to make an appropriate decision, while maintaining cash flow for operations.

MASSACHUSETTS TOY COMPANY

$ 2,000,000 | Consumer Products | Massachusetts

Client:

Massachusetts Toy Company

Situation:

This company had been purchased in bankruptcy by an investor and required cash flow for operations.

Need:

Client needed immediate cash flow for operations and for payment licensing fees.

Solution:

Within one week Prestige Capital financed the client’s receivables enabling client to pay licensing fees in a timely manner, as well as, provide ongoing cash flow to pay suppliers.

MEDIA AND BRANDING COMPANY

$ 750,000| Factoring| New York

Client:

New York based media and branding company.

Situation:

The company bills their clients in installments under a contract. They had been financed by a factoring company who could not finance milestone billed receivables. Therefore, most of their invoices were deemed ineligible for funding.

Need:

They needed an experienced factoring firm who understood their industry, the nature of their billing. One who could provide the financing that they needed in order to keep their cash flow steady.

Solution:

Their banker was able to make an introduction to Prestige. Prestige was able to replace their current factor, giving them access to greater liquidity by financing all of their receivables, including those that were billed in milestones.

MIDWESTERN US MANUFACTURER

$ 30,000,000| Factoring | Midwest

Client:

Midwestern U.S. manufacturer with over $1 billion in annual sales.

Situation:

The subsidiary’s parent company embarked on a major capital expenditure program, resulting in restrictions on intercompany advances.

Need:

Although strong financially, the client needed working capital flexibility without creating debt.

Solution:

Prestige purchased their receivables without recourse through a $30 million factoring line, so the client could access immediate cash. Since factoring is not considered a loan, the company assumed no debt on its balance sheet.

MINNESOTA APPLIANCE COMPANY

$ Line Amount | Consumer Products | Minnesota

Client:

Minnesota Appliance Company

Situation:

The client obtained a large contract from an energy utility company to replace appliances.

Need:

The client needed cash flow to fulfill the contracts.

Solution:

Prestige quickly provided a factoring line for its growth so that it could fulfill its contracts and its rapid growth.

MINNESOTA RECYCLING COMPANY

$ 7,000,000| Service Providers| Minnesota

Client:

Minnesota Recycling Company

Situation:

Client’s lender was looking to exit their financing relationship as their loan became too small.

Need:

A lender to replace their bank who would provide working capital, flexibility and sufficient funds to pay off existing lender.

Solution:

Prestige Capital provided the pay off to their lender and funded their ongoing operations seamlessly.

NEW JERSEY AUTOMOTIVE PRODUCT

$ 500,000|Consumer Products| New Jersey

  • Client: New Jersey Automotive Product
  • Situation: This entrepreneur created a new to market automotive product and was seeking capital to grow his business.
  • Need: The client had received a large order from a big box retailer and needed financing to pay his supplier in a timely manner.
  • Solution: Within a week Prestige funded his order enabling him to realize his vision of success bringing his new product to market.

NEW JERSEY AUTOMOTIVE PRODUCT

$ 500,000 | Consumer Products | New Jersey

Client:

New Jersey Automotive Product

Situation:

This entrepreneur created a new to market automotive product and was seeking capital to grow his business.

Need:

The client had received a large order from a big box retailer and needed financing to pay his supplier in a timely manner.

Solution:

Within a week Prestige funded his order enabling him to realize his vision of success bringing his new product to market.

NEW JERSEY MANUFACTURING

$ 200,000| Factoring | New Jersey

Client:

New Jersey Manufacturing

Situation:

Company wanted a fast, simple credit line that was accessible when needed.

Need:

On occasion the customer experienced demand spikes. They needed a facility in place to handle an immediate need for capital.

Solution:

Prestige Capital’s flexibility allows for no minimum borrowing requirements, quick closing speed, and a nominal fee to close.

NEW JERSEY MICROWAVE TECHNOLOGY COMPANY

$ 2,000,000 | Consumer Products | New Jersey

Client:

New Jersey Microwave Technology Company.

Situation:

The client had restructured their business and needed working capital.

Need:

The client needed working capital to smoothly operated their business during this period of time.

Solution:

Prestige quickly funded, giving them better cash flow during this transitional time.

NEW YORK LIFESTYLE MAGAZINE

$ 1,200,000| Service Providers| New York

Client:

New York Lifestyle Magazine

Situation:

Client sought immediate cash flow to continue operations during their off season.

Need:

Because of the seasonality of their business, their financials made it extremely difficult to obtain bank financing.

Solution:

As a factoring company, Prestige Capital was able to finance their invoices even though they were seasonal by nature. Prestige was able to fund the client in two weeks, enabling them to make payroll and pay their printer.

NEW YORK PICKLE COMPANY

$ 500,000| Factoring | New York

Client:

An 11 year old artisanal pickle company

Situation:

The client was seeking additional capital when its bank could not increase its credit facility.

Need:

The bank contacted Prestige to work together to increase the line by providing a carve out of receivables so that Prestige could provide additional cash to the company during their growth period.

Solution:

Within 10 days Prestige and the bank signed an intercreditor agreement, allowing the client to utilize Prestige’s financing in addition to the bank’s facility and keep the orders flowing. Additionally, Prestige provided a factor’s assurance letter to their co-packer so that they would get paid directly by Prestige in order to continue to increase their available credit line with their co-packer as their orders continued to grow.

NEW YORK TRUCK REPAIR

$ 200,000|Automotive|New York

  • Client: New York Truck Repair
  • Situation: Company had a significant growth with one customer.
  • Need: Customer created a strain on the company’s cash flow due to a significant increase in volume. Customer was unable to buy materials needed to service the customer in an efficient manner.
  • Solution: Prestige Capital was able to fund the customer’s receivables even though they had a huge concentration with the one customer. Prestige Capital’s flexibility enabled us to fund receivables of customers that have large receivable concentrations.

NEW YORK WATCH COMPANY

$ 2,000,000 | Consumer Products | New York

Client:

New York Watch Company

Situation:

Company was seeking immediate cash flow during their busy fourth quarter.

Need:

Since their bank was unable to provide a loan, an introduction to Prestige was made to provide invoice financing.

Solution:

Within one week the client financed $1,000,000 of receivables enabling them to pay their suppliers in a timely manner.

NORTH CAROLINA MEN’S GROOMING TOOL

$ 250,000 | Consumer Products | North Carolina

Client:

North Carolina Men’s Grooming Tool

Situation:

This company experienced a sharp increase in sales after exposure on a television program.

Need:

The client needed liquidity to support their rapid growth.

Solution:

Within two weeks, the client financed their receivables, providing their factories comfort to continue to shipping rapidly during a period of growing volume.