Obtained Working Capital for an IT Staffing and Services Business
Seacoast was introduced to this relationship by an investment banker. The company was founded less than three years ago by two serial entrepreneurs who previously created, built, and sold three IT staffing and services businesses. The company was offered an opportunity to acquire the assets of a larger competitor that was somewhat distressed. They were using cash and a Seller’s note to purchase the assets.
The acquisition target was four times the size of the company – they were in need of a working capital facility at closing to help manage day to day needs and growth. Plus, the company needed to close the transaction by the end of the month.
Our team quickly learned about the company, target, customers, and ultimately the need. We presented a flexible working capital solution that had very competitive advances, and economics. We then discovered we were in competition, but the Seacoast Business Funding offering was much more appealing to the client. The company accepted our solution and signed the proposal, upon which our team immediately gathered to push for a quick closing. The entire process took roughly six days.
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