Client: Northeast Staffing Agency acquiring another entity in the same industry.
Situation: Client was seeking acquisition financing and had been working with an asset based lender to finance the acquisition. The proposed asset based lender was procrastinating and the client was at risk of losing the opportunity to acquire the target company.
Need: Client needed financing in less than two weeks in order to keep the deal alive until they could close an asset based loan at a later date.
Solution: Within two weeks, Prestige was able to provide the financing needed to acquire the company and structured a bridge facility allowing client to graduate to ABL in 3 months.