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.
Consumer Products Company
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.
Automotive Parts Manufacturer
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.
Manufacturer of Specialty Vehicles
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
Client: U.S. subsidiary light manufacturer 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.