Steel Fabrication Company

Providence County, RI

Clubhouse Capital secured $2.3 million in asset-based financing for the owner of a Rhode Island steel fabrication and erection company. The finance package included a $1.5 million revolving line of credit to fund working capital, and an $800,000 term loan to fund the acquisition of specialized equipment. The Company’s rapid growth exhausted its working capital, worsened by an industry that is generally known to be slow-paying. The Company’s success also led to larger, more capital-intensive jobs, necessitating the installation of new overhead cranes and the addition of a high-capacity saw to help increase the pace of production. (Spring 2015)