CHATTANOOGA, Tenn. (September 13, 2011) – FourBridges Capital Advisors today announced the successful placement of a Senior Revolving Credit facility for Remington Industries, Inc. Remington, based in Ooltewah (Chattanooga), Tenn., designs and manufactures automotive floormats and other licensed automotive accessories for retailers and original equipment manufacturers (OEMs).
Bart Plaumann, president of Remington, said the new financing would allow his company to take advantage of opportunities in the marketplace. “We have been steadily increasing revenues from the sale of our Remington-branded products as well as the products sold under our licenses – Michelin, Rubbermaid, Stanley and the U.S. Army,” Plaumann explained. “We have a number of new initiatives in place, and this facility will be a key component in helping us achieve our corporate objectives.”
FourBridges worked with Remington’s management team to build a three-year forecast and an analysis of the asset base, which were critical to proposal discussions with prospective lenders. FourBridges then identified approximately 20 lenders across the country that could provide an appropriate facility.
Term sheets were received from 10 perspective lenders, and FourBridges prepared a comparative analysis of the offers. Subsequently, the ultimate lender was selected.
“FourBridges helped us to position ourselves so that we could attract the best partners,” Plaumann said. “We were then introduced to a variety of potential lenders, and FourBridges worked with us to narrow the field and select exactly the right lender for us.”
Chris Rowe, director of FourBridges, noted that this engagement emphasizes the importance of using a process when it comes to debt refinancing, raising equity capital or selling a business.
“The company was not familiar with the lender we presented or many of the others that were in contention,” Rowe said. “This underscores the value of having a financial advisor who can access relationships and financing sources nationwide.”
About Remington Industries, Inc.
Headquartered in Ooltewah, Tenn., Remington specializes in the design and production of licensed automotive accessories. The company conducts extensive consumer research and market analysis to find functional solutions for interior floor protection, safety challenges and auto organization. Founded in 1983, Remington currently has manufacturing capabilities on multiple continents, and its licensed relationships include a growing group of respected international brands.
For more information about this transaction, please contact Andy Stockett at (423)266-6979 or Chris Rowe at (423)266-4630.
FourBridges Capital Advisors is a middle market investment bank providing sell-side, buy-side, capital raising,restructuring, and strategic advisory services primarily to closely-held and family-owned businesses. FourBridges is based in Chattanooga, Tennessee, and serves clients in cities across the Southeast, including Atlanta, Nashville, Birmingham, Memphis, Knoxville and Huntsville.