TSL Express Daily News

Wintrust Receivables Finance announced the closing of a new $4.75 million line of credit for a provider of logistics and transportation management services.

The family-owned and operated company manages both the inbound and outbound freight for a number of well-known firms in the retail and industrial food sector. The company lost its largest customer in mid-2019, and efforts to replace that revenue were delayed by the early shutdowns related to COVID-19. During this time, the company’s bank had requested they find a new lender to support the business. The Wintrust team quickly recognized the strong management team the company had in place and the potential for a significant amount of revenue growth once the restrictions were lifted.

“We are happy to add this company to our growing portfolio of clients in the transportation and logistics space,” said Jason LeuVoy, senior vice president of Wintrust Receivables Finance. “We were extremely impressed during the underwriting process by the management team’s ability to meet or exceed monthly projections in a very difficult environment. As we look forward to the U.S. economy continuing to open up, we are excited to see where this company is headed, and we are ready to support its additional financing needs as it continues to grow.”

The opportunity was originally introduced to Wintrust by Clifford Croley, senior partner at Croley, Martell & Associates.

“We were strongly impressed with the knowledge the Wintrust team has of the transportation and logistics industry,” Croley said. “We appreciated Wintrust’s experience and willingness to listen to our client’s needs and craft solutions. This allowed us to quickly focus our discussions on the key elements of the deal, which led to a successful transaction for all of the stakeholders.”

In addition to the new line of credit, Wintrust Bank is also providing a $100,000 corporate card and a full suite of treasury management services.

About Wintrust Receivables Finance

Wintrust Receivables Finance provides aggressively structured working capital lines of credit from $1 million to $50 million for middle market companies around the country that are unable to obtain the level of financing they need through a more traditional commercial bank underwriting.

About Wintrust

Wintrust is a financial holding company with assets of over $45 billion whose common stock is traded on the NASDAQ Global Select Market under the symbol WTFC. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 180 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.

Media contact:

Jason LeuVoy
Senior Vice President
Wintrust Receivables Finance
312-550-3056
jleuvoy@wintrust.com