Phoenix completes a successful refinancing for a fourth generation precious metals manufacturer.
The Company was a $22 million fourth-generation Precious Metals Manufacturer of sterling flatware and hollow-ware. The Company also provides luxury consumer products to both the niche and big box luxury retailers that are primarily designed by the Company and/or sourced by other luxury branded manufacturers.
The Company experienced a market shrinkage, due primarily to macro-economic pressures of offshore manufacturing. The Company’s senior lender became concerned with the Company’s losses and the period of time required to return to profitability.
Phoenix Management and Phoenix IB® worked concurrently to build a quantifiable turnaround plan that identified the actions required to return the Company to profitability and the capital requirements to do so. Phoenix IB® prepared a Financing Memorandum and identified the appropriate lenders for the situation, then led the interview and lender selection process, subsequent due diligence process, and ultimately the closing of a $6.5 million refinancing transaction.
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