HT Enterprises – $4.5MM Refinance

Gibraltar collaborates across multiple parties to help HT Enterprises balance for its seasonal business and retain its existing local bank relationship.



Based in Campbellsport, Wisconsin, HT Enterprises is a niche company that sells everything from fishing tackle, rods and reels to clothing and accessories, but its primary market is ice fishing, making for an exceptionally seasonal sales cycle.

To protect the periodic nature of its sales, most of which occur during the winter months, the small business needed a smarter form of financing. Given the extreme seasonality of the business and the related working capital and profitability complexities, this recent deal took serious analysis and a creative loan structure in order to deliver an adequate level of liquidity.

The innovative ABL facility included a non-traditional borrowing base structure and flexible covenant package. As a testament to the importance of the customer to its community, a local partner, Hometown Bank, retained the mortgage and term loan facilities. With multiple parties and layers of debt involved, Gibraltar demonstrated a commitment to partnership, creating a true win-win scenario. Gibraltar was proud to provide HT Enterprises with a line of credit that will not only help balance the company’s working capital needs during seasonal cycles, but will ultimately help the fishing-products distributor reel in bigger deals in the future.