Siena Lending Group announced the completion of a two-year $5 million senior secured revolving credit facility for Smooth Fitness on Sep. 23, 2013. The facility will be used to support the company’s working capital and growth plans. In addition, the facility also includes an accordion option that can be exercised by the company to increase the line size.
Headquartered in King of Prussia, PA and owned by a private equity sponsor, Larsen MacColl Partners, Smooth Fitness is a premier designer and online retailer of home fitness equipment across North America.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to provide an innovative and creative financial solution that will assist the company through their seasonal needs and growth objectives. We look forward to working with the company as they execute their business plan.”
Tim MacColl, Managing Partner of Larsen MacColl Partners, said, “We are extremely happy with Siena Lending Group’s execution, responsiveness and their ability to be flexible. Siena’s facility will allow Smooth to attain its growth initiatives.”
Siena Lending Group is an independent commercial finance company offering asset-based loans between $1 million and $20 million to small and middle market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.