First Capital Provides Over $330 Million in New Credit Lines Since Equity Raise in May 2010

BOCA RATON, Fla., May 16, 2011 /PRNewswire/ -- First Capital, a specialized commercial finance company, announced today that it has provided over $330 million in new credit lines to small and medium-sized businesses since May 18, 2010 when it almost doubled its equity in a capital raise led by H.I.G. Capital.

Lee Wilson, President and CEO of First Capital, said, "We have the capital and the team to get deals done across a diverse set of industries and geographies.  $330 million in new credit lines demonstrates the value of our business model in the market."

First Capital provides working capital solutions in the form of asset-based loans and factoring which provide liquidity based on a company's accounts receivable and inventory.  

Serving small and middle-market companies with credit facilities, typically ranging from $3 million to $15 million on annual revenue ranging between $10 million and $100 million, First Capital supports clients in manufacturing, distribution and other business-to-business services.

"We have a high caliber professional team which brings 'big deal structure' to smaller companies and a flat organization that gets deals funded without the typical bureaucratic delays," said John W. Kiefer, Chairman of First Capital.  

First Capital clients typically have event-driven needs such as rapid growth or turnarounds.   New business is based on referrals from investment bankers, turnaround consultants, private equity firms, brokers, banks, accountants and attorneys.

"Product and industry expertise, coupled with a practical approach, is what entrepreneurs and business operators need from their working capital lender," added Wilson.  "Our hallmark is delivering on time as promised."  

The investment from H.I.G. Capital in May 2010 strengthened First Capital's balance sheet and provided liquidity for growth.  In December 2010, First Capital issued $100 million of unsecured bonds that paid down its remaining subordinated debt and provided additional growth capital. The company is in the process of obtaining additional lending facilities to support its ongoing growth.

With approximately $875 million in assets under management, First Capital is one of the largest independent asset-based working capital lenders in the United States. For more information about First Capital's products and services, please call any of our office locations across the country or visit www.firstcapital.com.

About First Capital 

First Capital is a specialized commercial finance company positioned to enable entrepreneurs to achieve their goals through working capital lines of credit typically ranging from $3-$15 million in the form of Asset Based Lending and Factoring.  A team of approximately 200 professionals is committed to understanding our clients' business plans and providing timely and consistent funding decisions.  Our size and scope make First Capital the preferred working capital partner -- small enough to build deep personal relationships and big enough to deliver the ideal solutions. Our commitment is to build long-lasting, mutually-beneficial relationships with clients and their advisors.  First Capital differentiates itself from competitors with a performance-based culture and values-driven focus that provides the foundation for our growth and will continue to guide our vision for the future.  Headquartered in Boca Raton, Florida, the firm has additional full-service offices in New York, Los Angeles, Atlanta and Oklahoma City with sales offices located across the United States. For more information, please visit www.firstcapital.com.

SOURCE First Capital