North Mill Starts 2014 Strong With New Lender
North Mill Capital, LLC (North Mill) (northmillcapital.com), a leading ABL lender and factor for small businesses, announced it has secured a new, three year, $90 million credit facility led by Wells Fargo Capital Finance, part of Wells Fargo & Company, (NYSE: WFC), BMO Harris Bank N.A., Flushing Bank, Capital One National Association and Webster Bank N.A. The new facility replaces North Mill’s existing Senior Secured Credit Facility and will be used for working capital and to support its growth. North Mill Capital operates two full service locations, Princeton, New Jersey and Minneapolis, Minnesota.
North Mill brings over 30 years of ABL and factoring experience to the marketplace and a client base throughout the United States. It offers credit facilities from $100,000 or less and up to $15 million to businesses which cannot obtain sufficient support from traditional C&I bank areas.
“We are pleased to work with Wells Fargo Capital Finance. As we have grown and expanded our products and geographic reach we now require the strength of Wells Fargo and the sophistication in lender finance that it brings with it” said Jeffrey Goldrich, President and Chief Executive Officer of North Mill. “We worked closely with Andrea Petro, Stewart Hayes and the Wells Fargo team to structure a credit facility, providing us with increased liquidity, the ability to pursue strategic opportunities, continue with organic growth and stay competitive.”
“North Mill is a strong brand and highly reputable company within the ABL market space and I am pleased to have Wells Fargo lead this credit facility,” said Andrea Petro, senior managing director and division manager of the Lender Finance division at Wells Fargo Capital Finance. “We look forward to continuing our long term relationship with North Mill.”
About North Mill Capital
North Mill Capital is a wholly owned subsidiary of Colford Capital LLC (colfordcapital.com). Colford is majority owned by Monitor Clipper Partners (monitorclipper.com), a private equity firm currently managing over $2 billion in capital. In addition to North Mill Capital, Colford owns North Mill Equipment Finance LLC (northmillef.com), a small ticket leasing company.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance provides financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.
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