Chicago, IL – March 16, 2020 – Encina Business Credit, LLC (“EBC”) announces the completion of a $75.0 million revolving credit facility for Horizon Global Corporation (“Horizon”). The facility will be used to replace an existing facility and will provide for ongoing working capital.
Horizon (www.horizonglobal.com), headquartered in Plymouth, Michigan, USA, was founded in 2015 and is a $690mm global designer, manufacturer and distributor of towing, trailering, cargo management and other related accessories. The company sells its products under well-known brands such as Reese, Hayman-Reese, Draw-Tite, Westfalia, and others. Horizon’s products are known for their quality, safety and performance.
Terry Gohl, Horizon Global’s President and Chief Executive Officer stated, “We undertook a highly competitive process and Encina emerged as the best business partner for Horizon Global. Encina is providing us with the liquidity and flexibility to drive our operational improvement initiatives. I would like to thank the Encina team for their support and confidence in our business and the leadership team at Horizon Global. We look forward to a successful partnership with Encina.”
“Encina is appreciative of the opportunity to partner with Horizon Global by providing them a working capital facility that offers the flexibility they need to continue to grow their business and drive margins. The Horizon team’s knowledge of their business and lightning fast responsiveness made this process move quickly and efficiently, aiding us in our effort to provide the company a commitment and funding in 7 days.” said Marty Battaglia, Encina Business Credit’s CEO.
Launched in March 2016, EBC (www.encinabc.com) is an independent asset-based lending platform targeting middle-market borrowers in the U.S. and Canada. The firm provides revolving lines of credit and term loans starting at $10 million and up secured by accounts receivable, inventory, machinery & equipment and real estate. The platform lends to both privately-owned and publicly traded companies across a wide range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution and consumer products. Borrowers use loan proceeds to fund working capital, acquisitions, refinancings, growth, restructurings/turnarounds, debtor-in-possession (DIP)/exit financings and other special situations. Positive cash flow is not a requirement.