North East Linen Supply
$14.5 million Senior Credit Facility
Overview
NELS, consisting of operating companies New England and North East Linen Supply, is a leading linen service and uniform rental company serving upscale restaurants and corporate & educational dining facilities. The Company provides a full suite of textile products including table linens and uniforms along the Northeast corridor with a significant market position in Manhattan.
Situation
The Company was seeking a new capital provider to deliver a more efficient and cost effective capital structure.
Solution
Crystal Financial SBIC provided a $14.5MM senior secured term loan. The transaction optimized the Company’s capital structure by creating liquidity from its working capital,
M & E, Real Estate and intangible assets.
“Crystal quickly differentiated itself as a provider of creative solutions and delivered a financing that met all of our objectives. The Crystal team was effective in determining an appropriate debt structure and focused on the timely execution of our deal. We are excited to be working with them.”
—-Bob Winneg, Owner