Importer of Men's Apparel
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.
Automotive Parts Manufacturer
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.
Client: West Coast-based vitamin manufacturer with $15 million in annual sales.
Situation: The company was in the process of being sold to a new ownership group.
Need: The seller needed bridge financing until the sale was finalized. During the interim period, Prestige management worked with both the seller and buyer to support their efforts to bring the sale to a successful conclusion.
Solution: The buyer was so pleased with Prestige’s way of doing business that they signed up for an extension of Prestige’s contract and immediately filled $500,000 in back orders.
Baby Food Manufacturer
Client: New York-based organic baby food manufacturer with $2 million in annual sales.
Situation: The three-year-old company was experiencing rapid growth due to large orders from big box retailers. The bank was unable to increase its small credit facility.
Need: The client needed additional cash flow to fulfill the orders and be able to take on new customer relationships.
Solution: Prestige paid off the bank and provided $250,000 in accounts receivable financing for their first assignment. Orders grew at a rapid pace, with no risk of having to turn down new orders due to a lack of cash flow. In less than a year, the client successfully refinanced their line with a low cost bank facility and grew their business more than tenfold.
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.