Veritas Financial Partners and Brookridge Funding Provide $14 Million Financing

Veritas Financial Partners (“Veritas”), a leading specialty finance company, announced the closing of an accounts receivable and purchase order finance facility in partnership with Brookridge Funding (“Brookridge”), a provider of purchase order finance solutions in the United States and Canada.

The facility will provide additional liquidity to a New Jersey-based importer (the “Company”) of sporting goods.   The Company recently learned that a large national retailer had significantly increased its planned holiday orders.  Brookridge and Veritas were able to quickly underwrite the Company, negotiate an intercreditor agreement with the existing ABL lender and fund the transaction, thereby assuring the product was delivered on time to execute on the expanded retailer relationship.

“Veritas is honored to participate with Brookridge Funding on this transaction to help their client meet increased customer demand,” said Tony Liobis, Vice Chairman and Chief Credit Officer, Veritas Financial Partners.  “Our focus is on delivering an ability to scale for our lending partners and maximum proceeds for their growing clients.”

Veritas participates with lead lenders including P.O. finance companies, factors, asset-based lenders and other complementary capital providers.  In addition, through its Lender Finance platform, Veritas provides senior revolving credit facilities to commercial and consumer finance companies for working capital and portfolio expansion.

“To succeed in today’s global marketplace, importers must have access to flexible capital and experienced lenders. We’re pleased to work with Veritas on this transaction,” said Michael Hilton, Co-President of Brookridge Funding. “We value their responsiveness and ability to work closely with us under extremely tight timeframes to get to closing.”

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries.  Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals.  As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.

About Brookridge Funding

Brookridge Funding, a leading source of purchase order funding over the last 24 years, has serviced over 400 clients during that time.  Focused on the mid-cap market, with accounts ranging from $100,000 to $10,000,000, Brookridge provides trade finance solutions to importers, wholesalers, distributors, government resellers and growing businesses looking to retain equity while financing their growth without long term debt.  To learn more, visit www.brookridgefunding.com.

Veritas Financial Partners Closes $9 Million Credit Facility for Integrated Equipment, Inc.

Veritas Financial Partners (“Veritas”), a leading specialty finance company, recently announced the closing of a $9 million credit facility for Integrated Equipment, Inc. (“Integrated”). Integrated designs, manufactures, distributes and services equipment for oilfield services clients globally.

Based in Houston, Texas, Integrated is one of only four vertically-integrated pressure control oilfield equipment manufacturers globally that offers both industry-required capital equipment and elastomeric products.  Clients include well servicing contractors, rental tool companies, land and jackup drilling contractors, as well as major and independent oil companies. During 2015 -2016, the oil and gas industry experienced the worst downturn in 75 years as a result of oversupply, causing slumping oil prices. Market participants faced lower margins, decreased profitability, and impaired cash flow, forcing a large number of oilfield services companies into bankruptcy and destabilizing major players. Capital providers jettisoned the space, and many companies were left without working capital. Integrated formulated a repositioning plan including lean inventory management, a global footprint and a new focus on maintenance and replacement products, but needed working capital. 

“Veritas created an innovative financing package within a tight time frame,” said Ash Sharma, CEO, and President, Integrated Equipment, Inc. “With their help, we are now well-positioned for success, and we are excited about our future. We started planning this runway for growth in November and believe it will help us drive our revenue to start growing profitably again very soon.”

Veritas began working with Integrated during 2018 and was able to provide maximum proceeds by capitalizing on a wide range of the company’s assets, including domestic and foreign accounts receivable, inventory, machinery and equipment, and owner-occupied real estate. The financing will be used to pay existing indebtedness, provide working capital for future growth, and enable Integrated to continue implementing their repositioning plan. Integrated has implemented leaner, efficient real-time inventory; improved supply chain performance; expanded their offering to include replacement parts; and established a global support network. As a result, they have less exposure to the volatility of the market and are less dependent on revenue from new drilling. In addition, they can capture revenue from providing products and services throughout the life cycle of the equipment. 

“Integrated’s management had already proven themselves to be resilient operators, repositioning the company while juggling liquidity constraints,” said Evan Nadler, Senior Vice President, Veritas Financial Partners. “Ash and his management team successfully navigated the most recent market downturn and are now positioned to capitalize on the compelling opportunities in front of them.”

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries.  Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals.  As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.

Brookridge Funding and Veritas Financial Partners Provide $19.3 Million Financing

Veritas Financial Partners (“Veritas”), a leading specialty finance company, announced the closing of a trade finance facility in partnership with Brookridge Funding (“Brookridge”), a provider of purchase order finance solutions in the United States and Canada.

The facility will provide additional liquidity to a New Jersey-based importer (the “Company”) of recreational equipment.   The Company had an existing relationship with an asset-based lender but the credit facility was fully utilized and not large enough to support its seasonal growth.  With $30 Million in open, unfilled orders, the importer needed incremental funding or risked losing its orders.  Brookridge and Veritas were able to quickly underwrite the Company, negotiate an intercreditor agreement with the existing ABL lender and fund the transaction, thereby assuring the product was delivered on time to customers.

“Veritas is honored to participate with Brookridge Funding on this transaction to help their client meet increased customer demand,” said Tony Liobis, Vice Chairman and Chief Credit Officer, Veritas Financial Partners.  “Our focus is on delivering an ability to scale for our lending partners and maximum proceeds for their growing clients.”

Veritas participates with lead lenders including P.O. finance companies, factors, asset-based lenders and other complementary capital providers.  In addition, through its Lender Finance platform, Veritas provides senior revolving credit facilities to commercial and consumer finance companies for working capital and portfolio expansion.

“To succeed in today’s global marketplace, importers must have access to flexible capital and experienced lenders.  We’re pleased to work with Veritas on this transaction,” said Michael Hilton, Co-President of Brookridge Funding.  “We value their responsiveness and ability to work closely with us under extremely tight timeframes to get to closing.”

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries.  Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals.  As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.

About Brookridge Funding

Brookridge Funding, a leading source of purchase order funding over the last 24 years, has serviced over 400 clients during that time.  Focused on the mid-cap market, with accounts ranging from $100,000 to $10,000,000, Brookridge provides trade finance solutions to importers, wholesalers, distributors, government resellers and growing businesses looking to retain equity while financing their growth without long term debt.  To learn more, visit www.brookridgefunding.com.

Veritas Financial Partners Agents $35 Million Revolving Credit Facility for Direct Source Seafood

Veritas Financial Partners (“Veritas”), a leading specialty finance company, announced the closing of a $35 million asset-based revolving credit facility for Direct Source Seafood (the “Company”).  Proceeds from the financing will be used to repay existing indebtedness and provide for ongoing working capital purposes. 

Veritas served as agent for the senior secured credit facility, syndicated with IDB Bank®.

Founded in 2010, Direct Source Seafood is a privately-owned company and a major crab and shrimp importer and wholesaler. They distribute product in retail-ready packaging to food service providers, restaurants, and retailers, and sell bulk quantities to other distributors. They are also one of the top companies importing and managing private label shrimp programs for both large and medium size retailers, and food service companies across the country. Their current lender was exiting the asset-based lending market and referred them to Veritas Financial Partners.

“Veritas executed within an extremely tight time frame to deliver exactly what they said they would,” said Roman Tkachenko, CEO of Direct Source Seafood. “Often, lenders are unwilling to take the time to understand the nuances of our industry and therefore try to limit our ability to take advantage of attractive business opportunities.  Veritas did the work and delivered the flexibility we needed.”

Matt Owings, Vice President, who sourced and led the transaction for Veritas, said: “I knew the company’s owners and was pleased Veritas could provide the certainty and tailored solution they needed to move forward.” 

Tony Liobis, Veritas’ Vice Chairman and Chief Credit Officer, helped blend the tailored facility to the client’s needs. “We were able to allow for significant accounts receivable concentrations for key customers, a higher reliance on inventory as a percentage of the loan, and advances against in-transit inventory as well as lending against inventory in cold storage warehouses across the U.S. These factors resulted in maximum working capital for Direct Source Seafood.”  

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.

Prestige Capital and Veritas Financial Partners Provide $10 Million Facility

Veritas Financial Partners (“Veritas”), a leading specialty finance company, announced the closing of a $10 million accounts receivable financing facility in partnership with Prestige Capital Corporation (“Prestige”), a nationwide factoring firm servicing small and mid-sized businesses.
 
The facility will enable substantial growth for a New York-based manufacturer (the “Company”) of architectural windows, doors and other architectural aluminum products for residential, commercial and institutional customers. The Company had a $5 million credit facility with Prestige Capital, but with a strong growth trajectory and backlog of work, sought additional funding to double their manufacturing footprint. Prestige selected Veritas to partner on the $10 million facility.
 
“We are honored to participate with Prestige on this transaction to help their client seize the opportunity they had to grow and open more manufacturing space,” said Mark Seigel, President, Veritas Financial Partners. “Our focus is on delivering the ability to scale when we work with any of our lending partners. We look forward to a continued and productive referral relationship with Prestige.”
 
Veritas participates with other strong leads in multi-lender facilities including factors, asset-based lenders and complementary capital providers.  In addition, through its Lender Finance platform, Veritas has provided financing solutions to many commercial and consumer finance companies who seek to accelerate growth whether through expansion or acquisition, or to attain maximum borrowing power from their portfolios.
 
“In a participation deal, it’s important to us to find a partner who aligns with our values of flexibility and straightforwardness,” said Stuart Rosenthal, Executive Vice President of Prestige Capital. “Veritas delivers the financial strength, integrity and professionalism we look for in ourselves and our partners.”

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs, management teams and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.

About Prestige Capital Corporation

Established in 1985, Prestige Capital Corporation is a commercial finance company specializing in factoring for small and medium-sized companies in a broad spectrum of businesses whose accounts receivable range from $100,000 to $20 Million. They offer services including Factoring, Credit Protection Services, Factors Assurance Program and Back Office Services. Prestige Capital’s team of experienced financial professionals can help improve a business’s overall financial stability. To learn more, visit prestigecapital.com.

Announcing Two Fundings for Veritas Financial Partners through Strategic Relationship with UBS Financial Services

Veritas Financial Partners ('Veritas'), a leading specialty finance company, is pleased to announce two recent fundings totaling $10.5 million through its strategic referral relationship with UBS Financial Services Inc. ('UBS').  Through this referral program, Veritas provides working capital and other specialty finance solutions to UBS clients.
 
Having a referral relationship with Veritas enables UBS to offer business owners access to financing options they may not have considered in the past. 
 
Two recent transactions illustrate how Veritas gives UBS financial advisors a dynamic tool to help clients while strengthening their client relationships. In one, UBS referred a client who needed working capital to take advantage of market opportunities. Veritas helped this fourth-generation, family-owned specialty food distributor with a $7.5 million credit facility to support its future growth.
 
In a separate transaction, Veritas helped a UBS client refinance their existing senior debt with a $3 million credit facility that also provided additional working capital. The privately-held company is one of the oldest distributors of electronic components in the United States.
 
Veritas offers flexible asset-based financing solutions, revolving lines of credit and term loans from $2 to $20 million for small and middle market businesses. Financing is provided for new growth opportunities, turnarounds, acquisitions or restructuring and recapitalization.
 
Veritas tailors financing solutions for each business to help them transition from where they are to where they want to be. At the same time, UBS is assured their clients and prospects receive skilled support from a dedicated team of professionals.
 
With a substantial capital base, Veritas continues to evolve as a financial leader, developing innovative solutions and forming strategic relationships with financial institutions to give their customers more options.

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs, management teams and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.

Veritas Financial Partners Provides $3 million for Columbia Systems

Veritas Financial Partners announces the closing of a $3 million asset based revolving credit facility for Columbia Systems International of South Carolina Inc.  Columbia Systems utilized the proceeds to refinance its existing senior debt and to provide additional working capital for the business.

Allison Bass, Chief Executive Officer of Columbia Systems, said, "It has been a pleasure working with Gregg Simpson and the good folks at Veritas.  We found them willing to work with us closely to put together a loan package that met our needs.  I highly recommend Veritas to anyone in need of this type of financing."

Gregg Simpson, Senior Vice President of Veritas Financial Partners, led the transaction for Veritas.  Mr. Simpson has maintained a 7 year financing relationship with the company. 

Based in Columbia, South Carolina, Columbia Systems manufactures and distributes commercial restroom toilet partitions, lockers, and compatible hardware and commercial accessories.  The Company sells nationwide and to national accounts such as Home Depot, Burger King, Lowes, Kroger, and large metropolitan school districts such as New York and Los Angeles.

Veritas Financial Partners Provides $10 Million for Ameriflight, LLC

Veritas Financial Partners announces the closing of a $10 million revolving credit facility for Ameriflight, LLC. Ameriflight utilized the proceeds to refinance their existing senior debt and to provide additional working capital for the business.

Headquartered in Dallas, Texas, Ameriflight is an international operator and the nation’s largest Part 135 cargo airline. The company was founded in 1968 and has more than 500 employees and more than 150 aircraft. Ameriflight operates over 300 daily departures serving 175 cities, 33 states, and 14 countries. The airline provides scheduled feeder services for overnight express carriers such as UPS, FedEx, and DHL. Ameriflight intends to continue to grow its share in this highly fragmented market, capitalizing on its extensive footprint and infrastructure. 

Evan Nadler, Senior Vice President of Veritas Financial Partners, said, “It is gratifying to successfully complete a financial recapitalization for a company with as much upside opportunity as Ameriflight.  I wish the Ameriflight team all the best in continuing to execute on its strategic plan.”

In closing this transaction, Veritas partnered with UAS Transervices, a division of GardaWorld, the world’s largest privately owned security company and leader in secure transportations services. UAS and Veritas combined to form a comprehensive financing solution to Ameriflight’s working capital and ongoing aircraft lease financing needs.

Brian Randow, Chief Executive Officer of Ameriflight, said, “The Veritas team did exactly what they said they would – delivered a comprehensive financing solution that addressed our objectives and business opportunity, and executed it within 60 days.”

Veritas Financial Partners Leads $25 Million Credit Facility for BSD Capital

Veritas Financial Partners announces the closing of a $25 million credit facility for BSD Capital, LLC (“BSD Capital”), a Bloomfield Hills, Michigan based investment manager.  The credit facility expands BSD Capital’s capacity to provide access to capital to a variety of small business customers. 

Through partnerships with various originating platforms, BSD Capital has provided capital to more than 2,000 businesses across the United States. The company is one of the largest independent investment managers based in Michigan.

“Veritas is pleased to work with BSD Capital to assist them in achieving their goal of securing efficient portfolio leverage, allowing them to continue scaling their business at an attractive margin,” said Mark Seigel, President of Veritas.  “We are excited about the opportunity to build a successful relationship with the BSD Capital team.”

Veritas Financial Partners Provides $8.5 Million for Stainless Foundry

Veritas Financial Partners announces the closing of an $8.5 million credit facility for Stainless Foundry & Engineering Inc. (SFE) to refinance their existing senior debt and provide additional capital for an opportunistic transaction set to close in the fourth quarter.

Established in 1946 and headquartered in Milwaukee, Wisconsin, SFE is a leading manufacturer of stainless steel and high alloy castings serving diverse markets. With annual shipments of nearly 4 million pounds, SFE has the technical competence and manufacturing expertise to deliver specialized products ranging from grams to over 2,800 pounds.

Tom Shinners, Chief Financial Officer of SFE, said, "When we were selecting our new lender, the Veritas team stood out by proposing a customized solution to our unique capital needs and opportunity. Veritas then fully delivered on that promise, while achieving all scheduled milestones."

Gregg Simpson, Senior Vice President of Veritas Financial Partners, said, "Getting to know the SFE management team through our process has been a personal highlight. Working with such high caliber individuals is what keeps us passionate to deliver solutions to businesses with complex needs." This closing represents another successful transaction for Mr. Simpson with Guard Hill Holdings, SFE's equity sponsor.

Veritas extends its thanks to Bob Frisch of Frisch Capital Partners. Mr. Frisch served as financial advisor to SFE, rigorously representing its interests while assisting in effectuating a successful outcome.

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 - $15 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2 billion in assets under management, Veritas benefits from a substantial long term capital base.

Veritas Financial Partners Provides $16 million for Chicago American Manufacturing

Veritas Financial Partners announces the closing of a $16 million asset based revolver and term loan credit facility for Chicago American Manufacturing, LLC ("CAM"). CAM utilized the proceeds to refinance their existing senior debt and to provide additional working capital for the business.

Evan Nadler, Senior Vice President of Veritas Financial Partners, said, "Closing this transaction validates the recent opening of our Chicago office as we continue to build our presence throughout the Midwest. In this competitive market, it is imperative for us to deliver sophisticated working capital solutions while being resourceful to the efforts of the professionals who rely on our ability to execute."

Based in Chicago, Illinois, CAM is a leading producer of a variety of consumer and commercial fan products, utility carts, and metal office cabinetry in the United States. CAM provides a full suite of services, including design, engineering, manufacturing, and finishing. The company operates out of a 275,000 sf state-of-the-art plant and has close alliances with its two major affiliated entities; Blackhawk Steel Corp. which is a steel marketer, and Dockside Steel Processing, which operates as a steel processor.

Mark Hermann, Chief Executive Officer of CAM, said, "The Veritas team succeeded in crafting a comprehensive financing solution that addressed our objectives and business opportunity, and then executed at the highest caliber to deliver a successful transaction."

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 - $20 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2 billion in assets under management, Veritas benefits from a substantial long term capital base.

Veritas Financial Partners Provides $9.0 million for Free Flow Wines

Veritas Financial Partners announces the closing of a $9.0 million credit facility for Free Flow Wines LLC. Veritas provided its financing in connection with a growth equity investment. Free Flow will use the recapitalization to fund the opening of a new East Coast facility together with growing its fleet of reusable stainless steel kegs and expansion of associated keg leasing, filling and logistics services.

Established in 2009 and headquartered in Napa, California, Free Flow Wines is the pioneer and industry leader of premium wine on tap, delivering the world's leading wine brands to the taps of restaurants and large venues nationwide. Free Flow owns and manages a fleet of over 125,000 kegs, providing keg leasing, filling and logistics services to wineries together with installation support for restaurant operators nationwide.

Jordan Kivelstadt, Chief Executive Officer of Free Flow, said, "Finding a debt partner who was able to understand our complex business model and support our aggressive growth was critical. The Veritas team took the time to understand our business, and then provided a very competitive and flexible financing package."
Mark Seigel, President of Veritas Financial Partners, said, "since our first meeting with Jordan and his team, their passion for building the premium wine on tap market has been obvious. We are pleased to be aligning with the clear market leader. Free Flow's solutions help restaurants and wineries serve a better and more ecological glass of wine - every time."

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 - $15 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2 billion in assets under management, Veritas benefits from a substantial long term capital base.

About Free Flow Wines

Free Flow Wines is the pioneer of premium wine on tap, delivering the world's leading wine brands to the taps of restaurants and venues nationwide. Free Flow's keg leasing, filling and logistics services have allowed the wine and hospitality industries to move to a more sustainable way of serving the freshest, best tasting glass of wine - on tap. Founded in 2009, Free Flow has more than 250 wine brands in keg, from wineries throughout the US, New Zealand, South America and Europe. Their customers' wines are offered at a variety of restaurants, premium hotels, sports and entertainment venues across the US. Free Flow Wines is located in Napa, California, and you can find them online at FreeFlowWines.com, on Twitter, Facebook, Instagram and Flickr @FreeFlowWine.

Veritas Financial Partners Provides $3 Million for Hammond Electronics

Veritas Financial Partners announces the closing of a $3 million credit facility for Hammond Electronics, Inc. to refinance their existing senior debt and provide additional working capital for their business. 

Located in Orlando, Florida, Hammond is a broad line distributor of electronic components and is the leading supplier of interconnect products in the Southeastern United States. 

Gregg Simpson, Senior Vice President of Veritas Financial Partners, said, "I would like to express my appreciation to Mr. John Hammond and Mr. David Klein for their consummate professionalism throughout this transaction. Veritas looks forward to a long and successful relationship with Hammond Electronics."

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 – $15 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2 billion in assets under management, Veritas benefits from a substantial long term capital base.

Veritas Financial Partners Leads Growth Financing For Archie Comics

Veritas Financial Partners has provided working capital and growth financing to Archie Comic Publications, Inc.  The financing supports the company’s current publishing operations as well as its expansion and diversification into various media segments.

Archie Comics is the leading mass market comic book publisher in the world and the home to some of the most iconic and popular humor, action-adventure and superhero characters in entertainment, including Archie, Jughead, Betty and Veronica, Josie and the Pussycats, Sabrina the Teenage Witch, and the Dark Circle Comics superhero characters. Archie Comics have sold over 2 billion issues worldwide, and its characters have been featured prominently in animation, television, film and music.

Mark Seigel, President of Veritas said, “We are thrilled to provide financing to Archie Comics – an American icon that is one of the most successful and longest running brands in the history of the comic book industry.  We are especially pleased that we were able to complete the transaction swiftly and to an outstanding end result for the company.”

Tony Liobis, Vice Chairman and Chief Credit Officer added, “From our first meeting with management, we knew Archie Comics was a great company with an amazing growth potential.  The Veritas transaction provides Archie with a more flexible financing arrangement and better positions the company to capitalize on the market opportunities available to it.  We are excited to be partnering with a company so well recognized in the market and look forward to having Archie and his friends being part of future generations of readers and viewers.”

Jon Goldwater, Chief Executive Officer of Archie Comics said, “The Veritas team did an exceptional job of understanding our business and the strength of our brands to generate future business.   Veritas’s financing provides us with a solid capital base as we propel ourselves into another 75 years of success”.

ABOUT VERITAS FINANCIAL PARTNERS:

Veritas Financial Partners is a specialty finance firm that provides $2 – $15 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2 billion in assets under management, Veritas benefits from a substantial long term capital base.

Veritas Financial Partners Provides $8.5 million for Stainless Foundry

Veritas Financial Partners announces the closing of an $8.5 million credit facility for Stainless Foundry & Engineering Inc. (“SFE”) to refinance their existing senior debt and provide additional capital for an opportunistic transaction set to close in the fourth quarter.

Established in 1946 & headquartered in Milwaukee, Wisconsin, SFE is a leading manufacturer of stainless steel and high alloy castings serving diverse markets. With annual shipments of nearly 4 million pounds, SFE has the technical competence and manufacturing expertise to deliver specialized products ranging from grams to over 2,800 pounds.

Tom Shinners, Chief Financial Officer of SFE, said, “When we were selecting our new lender, the Veritas team stood out by proposing a customized solution to our unique capital needs and opportunity.  Veritas then fully delivered on that promise, while achieving all scheduled milestones.”

Gregg Simpson, Senior Vice President of Veritas Financial Partners, said, “Getting to know the SFE management team through our process has been a personal highlight.  Working with such high caliber individuals is what keeps us passionate to deliver solutions to businesses with complex needs.”   This closing represents another successful transaction for Mr. Simpson with Guard Hill Holdings, SFE’s equity sponsor.

Veritas extends its thanks to Bob Frisch of Frisch Capital Partners.  Mr. Frisch served as financial advisor to SFE, rigorously representing its interests while assisting in effectuating a successful outcome.

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 – $15 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2 billion in assets under management, Veritas benefits from a substantial long term capital base.

Veritas Funds Two Transactions in Two Days Totaling $7.1 Million

Veritas Financial Partners completed two transactions:

1) $1.5 million participation in a working capital facility for a hardwood lumber distributor based in North Carolina. Veritas funded this transaction within 12 days of introduction.

2) $5.6 million combined revolver plus term loan to a leading fabricator of food service stations and kiosks based in Tennessee. Veritas tailored a single financing solution to a company with a broad set of collateral.

Veritas Financial Partners Leads Growth Financing For Archie Comics

Veritas Financial Partners has provided working capital and growth financing to Archie Comic Publications, Inc.  The financing supports the company’s current publishing operations as well as its expansion and diversification into various media segments.

Archie Comics is the leading mass market comic book publisher in the world and the home to some of the most iconic and popular humor, action-adventure and superhero characters in entertainment, including Archie, Jughead, Betty and Veronica, Josie and the Pussycats, Sabrina the Teenage Witch, and the Dark Circle Comics superhero characters. Archie Comics have sold over 2 billion issues worldwide, and its characters have been featured prominently in animation, television, film and music.

Mark Seigel, President of Veritas said, “We are thrilled to provide financing to Archie Comics – an American icon that is one of the most successful and longest running brands in the history of the comic book industry.  We are especially pleased that we were able to complete the transaction swiftly and to an outstanding end result for the company.”

Tony Liobis, Vice Chairman and Chief Credit Officer added, “From our first meeting with management, we knew Archie Comics was a great company with an amazing growth potential.  The Veritas transaction provides Archie with a more flexible financing arrangement and better positions the company to capitalize on the market opportunities available to it.  We are excited to be partnering with a company so well recognized in the market and look forward to having Archie and his friends being part of future generations of readers and viewers.”

Jon Goldwater, Chief Executive Officer of Archie Comics said, “The Veritas team did an exceptional job of understanding our business and the strength of our brands to generate future business.   Veritas’s financing provides us with a solid capital base as we propel ourselves into another 75 years of success”.

Veritas Financial Partners Opens Chicago Office; Hires Evan Nadler, VP, Business Development

Veritas Financial Partners announces the opening of its first Midwest-based office in Chicago, IL, along with the appointment of Evan Nadler as Vice President. In this new role, Nadler will be leading the company’s Midwest business development efforts and strengthening its existing presence in the region. He will focus on sourcing new direct lending opportunities and meeting the financial needs of middle-market companies by providing customized solutions to the marketplace.

“Evan is a tenacious business development professional who aggressively pursues solutions for his clients and relationships,” said Mark Seigel, President, Veritas Financial Partners. “His results-driven approach aligns with Veritas’ culture of rigor and passion, making him an ideal addition to our team.”

“Having transacted with Veritas over the last four years, and observed its recent progress, I concluded that it was the ideal platform to align in order to best serve my network,” said Nadler. “I am looking forward to building a meaningful business in one of the most dynamic markets in the country.”

Nadler brings over 15 years of experience to Veritas, with previous financial services roles in credit, business development and management. Prior to joining Veritas, Nadler was Head of Sales at Bibby Financial Services.

Nadler holds a B.S. in International Relations from the University of Wisconsin – Madison and is an active member of various industry organizations, including the Commercial Finance Association (CFA), Turnaround Management Association (TMA), Alliance of Merger & Acquisition Advisors (AM&AA) and the Association for Corporate Growth (ACG).

Veritas Financial Partners Closes $8 Million Financing to Packaging Company

Veritas Financial Partners has completed an $8 million financing for a food packaging company based in Tennessee. The company hit a wall with its current bank and needed a comprehensive solution to propel it forward. Veritas delivered.

We provided a tailored working capital solution maximizing availability based on the company’s sales cycle.
We brought in one of our SBA partners to provide 100% equipment financing on $4 million of new manufacturing equipment.
We closed the transaction within 54 days, allowing the borrower to focus on opening its new manufacturing facility.

Veritas Financial Partners

We provide more than just money. We provide entrepreneurs and private equity sponsors the fuel needed to propel their businesses forward with a flexible, responsive, trustworthy partner. As the portfolio company of a $1.5 billion asset manager, Veritas has a substantial long term capital base and is ready to lend. Veritas targets $2 – 10 million credit facilities, and routinely structures larger transactions.

When companies in transition need speed and certainty, Veritas is ready to parachute in with the solution.

The New Safe Space for Small Business Financing

Small businesses are flocking to alternative financing solutions. They provide what traditional banks can’t.

The reality is, even those small business owners who scrimped and saved for years before opening their company will need working capital once their business gets underway. Because running a business and growing one are two very different things. Even those businesses who are bringing in enough cash flow to pay their operational expenses will find themselves in need of financing to keep them going during a slow period or to enhance things like technology, training and marketing.

But what’s been happening over the last decade or so is that small business owners are finding that their business bank is unwilling to loan them the capital they need. And that’s when many small businesses began looking for alternative solutions. Here’s a look at why:

Creditworthiness

For a traditional bank, there’s little they care more about than whether or not a client they loan money to will be able to pay them back. So it’s only natural that they use a small business’ credit history to determine if they are a viable candidate for a loan. For the small business owner that has had financial struggles in the past or has very little credit history, the stringent criteria of traditional financial institutions make it difficult, if not impossible, to get approved for a loan.

Alternative lenders, like ones that offer asset-based loans, are only concerned with the value of your business’ assets and therefore, your credit history is not an important part of the loan equation.

Operational history

Another important element to traditional lenders is the length of time a company has been in business. Those with a short operational history are usually out of luck when they turn to banks for this reason, which means start-ups, or young companies are forced to look elsewhere for financing.

On the contrary, non-traditional financial institutions are less concerned with how long you’ve been in business and more interested in things like your accounts receivables, inventory and your owner-occupied commercial real estate. These assets can be used as collateral and help you get the working capital you need for whatever business issues you face.

For today’s small businesses, alternative lenders are filling the gap that traditional lenders have created as a result of tighter regulations and stringent lending criteria. Companies that need an infusion of cash to cover costs during slow periods, rapid expansion, or working capital needed for payroll or operational expenses, can use their assets as collateral and avoid the lengthy application process and the imminent rejection from their banks.

If you’re in need of working capital, get in contact with us. We have an array of asset-based loans including inventory, equipment, accounts receivables and owner occupied commercial real estate financing.