Gibraltar Provides $27.5MM Credit Facility to Home Organizational Products Supplier

November 16, 2023

Source: Gibraltar Business Capital

Gibraltar Business Capital (“Gibraltar”) is proud to announce the closing of a $27.5MM senior secured revolving credit facility with Whitmor, Inc. (“Whitmor”), a successful fourth-generation family-owned-and-operated business founded in 1946.

Memphis-area-based Whitmor is a designer, importer, and distributor of home storage and organizational products with a global reach. The company has built a reputation as a leading brand in its industry. The company recently felt the impacts of the pandemic and complexities in the supply chain, causing ownership to seek a non-bank financing solution for greater flexibility during a transitional period. To support Whitmor’s business goals, the Gibraltar team worked with company management to develop a creative structure to maximize liquidity with a borrowing base that includes advances against accounts receivable, inventory, and inventory in transit.

“Early on in our discussions, the Gibraltar team invested the time to truly understand our business, including all the complexities, challenges, and opportunities within our industry,” said Scott Felsenthal, CEO of Whitmor. “We have always been a business that prioritizes surrounding ourselves with good people, and Gibraltar is no exception. Their dedication during this process gave us confidence that they will be a strong financial partner for the company going forward.”

“Whitmor is a great company with a storied history. We are proud to be a trusted partner to them by providing the flexible liquidity they need to continue successfully operating their business,” said Scott Winicour, CEO of Gibraltar Business Capital.

About Gibraltar Business Capital:

Chicago-based Gibraltar Business Capital is a well-capitalized, specialty finance company delivering working capital in the form of asset-based loans from $5 to $100 million. Gibraltar is an expert financial partner providing mid-market companies nationwide access to capital when needed most to solve challenges or fuel growth at any stage of the business lifecycle. With more than 70 years of experience, Gibraltar's team is trained to listen, think differently, and take unique circumstances into account. Gibraltar Business Capital is a portfolio company of multi-billion dollar specialty finance company Hercules Capital, Inc. (NYSE: HTGC). For more information, visit www.gibraltarbc.com.

 

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