Gibraltar Capital Advance
$26 million Senior Credit Facility
Overview
Gibraltar Capital Advance provides established small businesses with access to a non-bank capital alternative by providing an advance against future sales. This incremental liquidity can be used for growth capital or as a solution to a temporary cash flow challenge.
Situation
Having provided thousands of merchants with a flexible cash advance solution since inception in 2012, the Company was seeking additional capital to fund growth as well as refinance a portion of shareholder subordinated debt.
Solution
Crystal’s facility of $26.0MM consisted of a $4.0MM first out revolver (provided by the Company’s incumbent lender), a $13.0MM funded term loan and a $9.0MM delayed draw term loan to support future advances.
“We needed a financing partner with prior experience in our industry, who would understand and value our track record, to provide a facility that would generate maximum levels of liquidity and fund our growth. There is no question that Crystal Financial’s Chris Arnold and the team distinguished themselves very quickly and executed a transaction that met and exceeded our expectations. We look forward to a long-term productive relationship.”
—-Jim Teppen, President