TSL Express Daily News

Wintrust Receivables Finance is pleased to announce the closing of a $4,750,000 line of credit to a Southeast-based manufacturer and distributor of natural pet food. In addition to pet food, the company also has a broad portfolio of pet and wellness products for dogs and cats including treats, dental chews, and supplements. The company sells its products domestically through a number of major retailers including Amazon, Chewy, Petco, and PetSmart.   

The company had experienced declining financial performance during the previous fiscal year due to a combination of weak internal expense controls and poor management. This led to the company violating multiple financial covenants with their incumbent lender. Earlier in the year, the management team was replaced with a more experienced group who immediately started to reduce expenses, improve internal controls, and focus on growing sales in their most profitable product categories. The new management team quickly realized that they would need to access additional liquidity, while replacing the incumbent lender, to fully execute their turnaround plan.

WRF was able to provide the company with a new $4,750,000 accounts receivable line of credit to refinance the existing bank debt. The WRF line provided an aggressive advance rate and no financial covenant structure to give management the access to liquidity and the flexibility they needed execute their plan.

According to Jason LeuVoy, Wintrust Business Credit National Head of Originations, “We were immediately impressed with the new management team’s ability to highlight the problems of the past and give us concrete steps that had been taken to improve future financial performance.” WRF Executive Vice President John Marrinson added, “Our WRF team has successfully financed a number of turnarounds across a broad range of industries and we have every reason to believe this will be another in a long line of success stories.”

For more information, please contact Jason LeuVoy at 312-550-3056 or jleuvoy@wintrust.com.

Banking products provided by Wintrust Financial Corp. banks.

About Wintrust Receivables Finance

Wintrust Receivable Finance is a division of Wintrust Bank N.A.  Wintrust Receivable Finance provides aggressively structured working capital lines of credit from $2,000,000 to $50,000,000, for middle market companies around the country who are able to obtain the level of financing they need through a more traditional commercial bank underwriting.

About Wintrust

Wintrust Financial Corporation is a financial holding company with assets of approximately $56 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 15 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 that 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. Visit wintrust.com for more information.