OGDEN, Utah, June 29, 2022 (GLOBE NEWSWIRE) — TAB Bank is pleased to announce the funding of $15 million asset-based line of credit for a new client that manufacturers and distributes consumer-packaged goods throughout North America and beginning to expand internationally. Since 1993 this client has been focused on delivering consumer packaged goods to budget minded consumers by providing economically priced consumer goods under their own brands, as well as through private label and licensing agreements. The diverse portfolio of products includes food, health and wellness, personal care, and beauty products sold to mass retailers, grocery stores, drug stores, and convenience stores.
The company ran into headwinds with their previous lender due in large part to skyrocketing freight costs and supply chain disruptions related to the COVID pandemic which deteriorated their gross profit margins. The TAB team was able to get comfortable with management’s plan to solve the issues and saw clear evidence that the plan was working. The credit facility provided by TAB Bank was used to refinance the existing bank facility and free up additional availability for ongoing working capital needs
“We are thrilled to partner with this dynamic company, its ownership, and management team, and we look forward to building a long and successful partnership. This company has weathered several challenging market cycles in its history and has always found a way to come back stronger. This is a testament to their great leadership and their determination to succeed. I believe this time will be no different as their budget friendly portfolio of products and strong customer relationships position them for success in the current economic environment and beyond,” stated Brett Horwitz, Managing Director and Head of Originations for the Western Region of TAB Bank.
TAB Bank provides custom working capital solutions to commercial businesses across a wide range of industries. These solutions can be customized to meet the needs of companies in all stages of the business life cycle and during any economic conditions. TAB Bank does this through a variety of asset-based structures including Asset-Based Revolving Loans, Accounts Receivable Financing, Lines of Credit, and Equipment Finance. TAB’s lending options can also be combined with a full suite of business banking solutions and Treasury Management Services. In addition, TAB provides card and loan sponsorship programs through its strategic partnership product suite.
Brett Horwitz is TAB Bank’s Managing Director and Head of Originations in the Western Region based in Los Angeles. Brett has years of experience developing client relationships and structuring credit facilities in the asset-based lending arena. Brett can be reached at 949.466.5255 or at brett.horwitz@tabbank.com.
