NEW YORK, Oct. 3, 2011 /PRNewswire/ -- Mast Capital Partners, an alternative finance company, today announced that it had provided beverage alcohol company Vici Wine & Spirits with $2 million of financing in the form of an accounts receivable factoring facility and a term loan secured by inventory. The financing provides capital to meet Vici's increasing working capital requirements and for other general corporate purposes.
"We are very experienced in the beverage alcohol business. We understand the problems smaller companies face in obtaining financing," stated Mark Andrews, Managing Partner of Mast Capital Partners. "Our factoring facilities enable our clients to turn their capital more frequently, which allows them to generate significant incremental profits and accelerate their growth."
Mike Gonzalez, founder and President of Vici Wine & Spirits, said: "Securing the financing facility from Mast was a big step forward for our company. The new capital provided by Mast has enabled us to grow our business rapidly without having to sell part of the company or provide personal guaranties to a bank. In addition, the people we deal with at Mast are the owners. They can make decisions very quickly and are flexible and fair."
The difficulty in obtaining capital for small beverage alcohol companies was the catalyst for the formation of Mast Capital Partners. "Over the last few years, Teddy Schiff and I have been approached by several wine and spirits companies looking for capital. Generally, these companies are small to mid-sized and growing rapidly. They are often reluctant to sell equity, because at current valuations it would dilute their personal ownership," said Mark Andrews. "Factoring promptly advances a high percentage of the face value of accounts receivable, providing our clients with the working capital they need to grow and increase their valuations."
About Vici Wine & Spirits
Vici Wine & Spirits, headquartered in Coral Springs, Florida, sources and imports wines primarily from Argentina and Chile. Vici specializes in bringing exceptional wines to the U.S. market at very reasonable prices. The company has built a solid distributor network and its wines are now available in most major markets. For more information, please visit, http://www.viciwineandspirits.com.
About Mast Capital Partners
Founded in 2010 and headquartered in New York City, Mast Capital Partners is an alternative finance company that was established to help fund the cash flow needs of emerging and established brands in the beverage alcohol industry. The Company has rapidly established itself as a leader in the niche beverage alcohol asset-based lending market. For more information, please visit http://www.mastcp.com.
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SOURCE Mast Capital Partners