Egide signs a financing agreement with Amerisource Business Capital for its American entities

A new tenant on the Euronext Growth Paris market, the Egide group has announced the signing of a three million dollar financing agreement with Amerisource Business Capital.

Founded in 1984, the American bank is one of the leading independent providers of direct financing to small and medium-sized businesses in the United States. This asset-based financing (ABL loans) finances the Egide USA and Santier subsidiaries, “up to $1.5 million each, based on accounts receivable and inventory of each entity”. Last September, the Egide group asked the Banc of California for a three-month extension of the maturity of all Egide USA and Santier outstandings, in order to finalize negotiations with the American portfolio manager Gibraltar Capital. “At the same time, discussions are continuing with other asset-based lenders to ensure that the transaction can take place before the end of the year,” indicated the Vauclusien. Since then, the fall has passed, and it is now Amerisource Business Capital which is providing this new $3M financing. The objective is to repay the remaining lines of credit and long-term loans totaling $2.66 million to Banc of California.

Egide asserts that it is now in a situation “sound financials which allows it to focus on pursuing its growth strategy in its existing and future markets”. Indeed, the Frenchman recalls, in addition to the new financing, the six million dollar sale-leaseback operation of the Cambridge building (Massachusetts, United States). The latter has been led by Terry Toh since 1is June 2022. The specialist in the manufacture of hermetic enclosures and heat dissipation solutions for sensitive electronic components will unveil its financial results on January 26.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.