Plus Funding Group Completes $3.6 Million Financing of Acquisition of Aviation Fuel Systems Manufacturer
Plus Funding Group (PFG), a New York-based specialty finance firm, has closed on the financing of the acquisition by a sponsor group of an aviation fuel systems manufacturing company located in the Southeastern United States. PFG provided approximately $2.3m of receivables and purchase order financing, pursuant to a $4 million line to provide for future working capital needs, and also provided a companion $1.3 million term loan backed by inventory, property, plant and equipment.
Robert Blum, Chairman of Plus Funding Group, stated that, “While this transaction began as a conventional receivables factoring arrangement, negotiations with the seller ultimately required more capital than the receivables would support, and we were able to put in place a purchase order facility and companion term loan to help complete this transaction on an accelerated timetable. Our client was very happy with the result, knowing that many factoring firms lack the flexible capital structure and broad-based lending skills that we possess.”
Mr. Blum added that, “When we announced our acquisition seven months ago by Downtown Capital Partners (DCP), part of a family office with deep resources, we expected that this combination would enable a broader range of financing capabilities to be provided to both our and DCP’s clients. This transaction was a case in point to our enhanced ability to provide customized solutions for our clients.”
About Plus Funding Group:
Headquartered in White Plains, NY, PFG is engaged in the commercial factoring business. The company offers accounts receivable financing, purchase order, production financing (work in progress) and lines of credit to its clients. The company generates revenues and earnings primarily through the purchase and collection of receivables.
About Downtown Capital Partners:
DCP is an alternative asset based lender serving lower middle-market companies, real estate projects, and high net worth individuals. Since its launch in 2010, DCP has closed over 30 transactions representing close to $300 million in loan commitments. DCP is affiliated with Downtown Family Advisors (DFA), a family office based in White Plains, New York that manages a wide range of public, private, and real estate investments.
Contact: Rob Blum, Chairman Hamilton Ave., Suite 1110 White Plains, NY 10601 Direct: (914) 220-6260 Toll Free: (855) 796-7578 Fax:(347) 338-2474 firstname.lastname@example.org