IT Staffing and Services Business Obtains Working Capital
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. The Company was using cash and a Seller’s note to purchase the assets.
The acquisition target was four times the size of the company and needed to obtain a working capital facility to manage day-to-day operations and support the current growth trajectory. The Company was under significant time constraints and needed to close the transaction by the end of the month.
Seacoast was introduced to this relationship by an investment banker. Our team quickly learned about the company, target, customers, and ultimately the need. We presented a flexible solution with a competitive advance rate. Seacoast was competing with another funder and are ability to customize a solution and increase the Company’s advance rate appealed to the client. Once the Company chose Seacoast’s facility we were able to close and fund in about a week.
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