TSL Express Daily News

(NEW YORK) – September 17, 2025 – Rosenthal Capital Group (RCG), the leading private commercial finance firm in the United States, today announced the completion of a joint recourse factoring and purchase order financing facility totaling $3.5 million for WB XCEL Holdings, LLC. (“XCEL”), a global surf brand specializing in wetsuits and apparel. 

Headquartered in Hawaii, XCEL sells high-performance surfing and diving wetsuits, accessories and apparel worldwide via wholesale distributors and retailers, as well as direct to consumer through the company’s e-commerce channels. XCEL is backed by Gladstone Capital Corporation (Nasdaq:GLAD), a publicly traded business development company. The company was seeking a working capital solution that included purchase order financing to support and accelerate continued sales growth and position the business to pursue new customer opportunities. RCG’s recourse factoring facility and purchase order financing facility will support the company’s growth plans. The purchase order financing facility makes it possible for XCEL to fund new shipments in transit and increase production with main overseas suppliers.

“This transaction is a great example of how RCG can quickly structure and close a flexible working capital solution including recourse factoring and purchase order financing, especially when it’s designed to work in tandem with other forms of alternative financing,” said Leigh Lones, Head of Recourse Factoring at RCG.  

“With our deep knowledge and expertise in retail, specifically the surf industry, RCG was a natural fit for this transaction,” said Maria Contino, Western Region Sales Manager at RCG. “Our experience gave the company the reassurance they needed from a lender that truly understands their sector and their unique business needs, opportunities and challenges.”

”We have enjoyed working with the team from Rosenthal,” said Drew Dunnington, CFO of XCEL. “They have been instrumental in crafting a financing unique to our Company’s needs that will be vital as we scale. We look forward to continuing to work with them in the years to come.”

”It was a pleasure working with the Rosenthal team,” said James Mazza, Director at Gladstone Capital. “They have built a deep consumer retail practice and were able to develop a tailored financing solution to support our continued growth.”

ABOUT ROSENTHAL CAPITAL GROUP (RCG)

With over 87 years of leadership and industry experience, Rosenthal Capital Group (RCG) is now led by the third and fourth generations of the Rosenthal family. As a privately held company, RCG is committed to providing personalized service, credit protection and flexible lending to small to middle-market clients across a broad range of industries, with loans ranging from $500,000 to $40MM+. With unmatched financial capacity and decades of experience, RCG is best in class for all its clients’ creative financing needs, including factoring, asset-based lending, direct-to-consumer financing, purchase order financing and equipment financing. RCG’s team of seasoned professionals covers the U.S. from coast to coast and nearly everywhere in between, with dedicated offices in New York, California, Georgia, North Carolina and Illinois. Learn more at www.rosenthalcapitalgroup.com.

ABOUT GLADSTONE CAPITAL CORPORATION

Gladstone Capital Corporation is a publicly-traded business development company that invests in debt and equity securities consisting primarily of secured first and second lien term loans to lower middle market businesses in the United States. Information on the business activities of all the Gladstone family of funds can be found at www.gladstonecompanies.com.

ABOUT WB XCEL HOLDINGS, LLC

Founded in 1982 and headquartered in Hawaii, XCEL designs and markets high-quality, innovative equipment and apparel for the surfing, diving and paddleboarding categories. The company's products are distributed through specialty retail stores both domestically and internationally, as well as directly to consumers through www.xcelwetsuits.com.