TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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SFNet's 40 Under 40 Award Winners Panel Recap
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It’s Time To Break Up With Your Phone
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Potential Impacts of Blockchain on Commercial Lending
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October 16, 2023
Source: Wintrust Receivables Finance (WRF)
Wintrust Receivables Finance (WRF) is happy to announce the closing of a new $3 million account receivable line of credit for a southeast-based transportation broker (Company). This new client is the result of a roll-up of three smaller third-party logistics firms. The Company provides a combination of dry van, flatbed, and LTL freight to clients across multiple industries. The management team utilized a combination of SBA and seller debt to finance the acquisitions but struggled to find the right partner to provide the working capital financing they needed to grow. The new $3 million line of credit will give the Company the working capital support they need to scale the business while continuing to look for future acquisition targets. In addition to the new line of credit, the WRF team is also providing a full suite of Treasury Management products and services.
According to WRF Group Senior Vice President Jason LeuVoy, “We have been impressed with how this management team evaluates potential acquisition targets and the systematic way they have been able to integrate the businesses post-acquisition.”
WRF Executive Vice President John Marrinson added, “Our team's extensive experience financing logistics and transportation companies is what allowed us to quickly recognize what the management team was trying to accomplish with the roll-up strategy and provide them with the line of credit needed to execute their plan.”
About Wintrust Receivables Finance
Wintrust Receivables Finance is a division of Wintrust Bank N.A. Wintrust Receivables Finance provides aggressively structured working capital lines of credit from $2 to $50 million for middle market companies around the country who 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 approximately $53 billion whose common stock is traded on the Nasdaq Global Select Market. 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 170 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.
For More Information Please Contact:
Jason LeuVoy
312-550-3056
jleuvoy@wintrust.com
