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- Mountain Ridge Capital Provides $24 Million Credit Facility to National Fashion Apparel Distributor
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Fifth Third Business Capital Provides $15.8 Million Senior Credit Facility for Comfort Research
April 15, 2020
Source: Fifth Third Business Capital
Fifth Third Business Capital, a division of Fifth Third Bank, National Association, announced it acted as sole lender and administrative agent on the closing of a new $15,828,000 Senior Credit Facility for Comfort Research, LLC. Based in Grand Rapids, Michigan, Comfort Research is the manufacturer of the Big Joe brand, which consists of casual furniture, pool products, and outdoor furniture. Fifth Third’s credit facility was used to refinance existing debt and working capital funding.
“Fifth Third Business Capital provided a very flexible lending solution with options that fit Comfort Research’s seasonality that also maximizes their liquidity,” said Michael Sharkey, president of Fifth Third Business Capital.
“As a growth company, Comfort Research has evolving banking needs,” said Scott Johnson, chief financial officer of Comfort Research. “It was important to us to find a bank that can meet our current lending needs while being able to grow with us. Fifth Third offered us more than a flexible credit facility, they offered us an experienced team and a holistic banking approach that met all of our current needs. And, they have additional capabilities we can utilize in the future as Comfort Research continues to grow.”
“At Comfort Research, we believe core values drive our business success,” said Matt Jung, co-founder and co-CEO of Comfort Research. “Fifth Third embraced our history of growth and how our core values led to our success. This made the choice to partner with them very easy!”
“When Matt and I founded Comfort Research, we said we wanted to create Comfort for All,” said Chip George, co-founder and co-CEO of Comfort Research. “Fifth Third is a partner that allows us to pursue our goal of a Big Joe in every house in the US.”
About Fifth Third Business Capital
Fifth Third Business Capital provides creative asset-based financing to large corporate and middle market companies throughout the United States and Canada from $5 million and up. The team serves manufacturers, distributors, service companies, and retail chains with sales from $25 million and up, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings, capital expenditures, and turnarounds. Fifth Third Business Capital provides flexible structures that include revolving lines of credit and term loans, all supported by accounts receivable, inventory, equipment, real estate, and intangibles. As part of the overall financing, Fifth Third Business Capital also selectively considers cash flow term loans supported by sufficient operating earnings to repay these loans in a timely manner. Fifth Third Business Capital is a division of Fifth Third Bank, National Association. Credit products are subject to credit approval and mutually acceptable documentation. In the United States deposit and credit products offered by Fifth Third Bank, National Association. Member FDIC. Equal Housing Lender.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2019, Fifth Third had $169 billion in assets and operated 1,149 full-service banking centers and 2,481 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2019, had $413 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at 53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol "FITB." Fifth Third Bank, National Association was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC
“Fifth Third Business Capital provided a very flexible lending solution with options that fit Comfort Research’s seasonality that also maximizes their liquidity,” said Michael Sharkey, president of Fifth Third Business Capital.
“As a growth company, Comfort Research has evolving banking needs,” said Scott Johnson, chief financial officer of Comfort Research. “It was important to us to find a bank that can meet our current lending needs while being able to grow with us. Fifth Third offered us more than a flexible credit facility, they offered us an experienced team and a holistic banking approach that met all of our current needs. And, they have additional capabilities we can utilize in the future as Comfort Research continues to grow.”
“At Comfort Research, we believe core values drive our business success,” said Matt Jung, co-founder and co-CEO of Comfort Research. “Fifth Third embraced our history of growth and how our core values led to our success. This made the choice to partner with them very easy!”
“When Matt and I founded Comfort Research, we said we wanted to create Comfort for All,” said Chip George, co-founder and co-CEO of Comfort Research. “Fifth Third is a partner that allows us to pursue our goal of a Big Joe in every house in the US.”
About Fifth Third Business Capital
Fifth Third Business Capital provides creative asset-based financing to large corporate and middle market companies throughout the United States and Canada from $5 million and up. The team serves manufacturers, distributors, service companies, and retail chains with sales from $25 million and up, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings, capital expenditures, and turnarounds. Fifth Third Business Capital provides flexible structures that include revolving lines of credit and term loans, all supported by accounts receivable, inventory, equipment, real estate, and intangibles. As part of the overall financing, Fifth Third Business Capital also selectively considers cash flow term loans supported by sufficient operating earnings to repay these loans in a timely manner. Fifth Third Business Capital is a division of Fifth Third Bank, National Association. Credit products are subject to credit approval and mutually acceptable documentation. In the United States deposit and credit products offered by Fifth Third Bank, National Association. Member FDIC. Equal Housing Lender.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of December 31, 2019, Fifth Third had $169 billion in assets and operated 1,149 full-service banking centers and 2,481 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2019, had $413 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at 53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol "FITB." Fifth Third Bank, National Association was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC
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