Gibraltar Business Capital funded a $5.5 million line of credit to support the acquisition of a division of Rhode Island Textile Company, known as South Carolina Elastics, by Industrial Value Partners, a Southeastern based operationally focused investment firm.
The company is a manufacturer of braided, knitted, and woven narrow fabrics, specializing in the production of high quality elastics, and non-elastic cord, knitted elastic tapes, and elastic and rigid webbing. These products are sold and integrated into end products such as shoelaces, bungee cords, medical elastic masks, hose tape, and military webbings.
Gibraltar leveraged the value of the accounts receivable, inventory and equipment of the acquired assets to provide a flexible financing solution, and was able to close in an expedited 30-day time frame.