Spirit Leatherworks, LLC
Company: Spirit Leatherworks, LLC (“Company”)
Financing Amount: $6,000,000
Financing Date: May 3, 2018
About the Company
Based in Eugene, OR, Spirit Leatherworks, LLC (“SLW” or the “Company”) is a distributor, retailer, and e-tailer of leather goods, including bags, belts, and accessories. SLW’s inventory consists of products from two Company-owned brands, Will Leather Goods and Bill Adler 1981; items from licensed brands, such as Nike and Lee; and private-label goods for certain customers. The Company is a family owned business that creates innovative leather goods rooted in the past, designed for the present and built for the future. Founded by Will Adler, SLW is a company leader in the leatherworks business with over 300 retailers across the world and continues to grow at a rapid rate. It is through the meticulous dedication to his craft that Will Adler is able to partner with artisans, source the highest quality product and manufacture classic goods that speak to its impressive design.
Situation
As is the case with many small businesses, company growth is often coupled with the risk of expensive debt or giving away ownership of the company. In addition, funds are not always readily available for expansion efforts. Brisbon Transportation Services had been riddled with expensive debt and needed capital to replace the pricier funds with a more sustainable facility. The success and growth of TCC also required that the Company secure funds in order to fulfill the increased demand for their services in the area.
Solution
Alantes secured a $6,000,000 accounts receivable line of credit in addition to a $500,000 term loan. This allowed the company to refinance some previously existing and expensive debt on the books. In addition, TCC was able to use the additional working capital to purchase new vehicles to expand its existing fleet. The six-year old company now has a lower cost financing product that allows them to grow with a strong lending partner that understands the nuances of the business and is able to grow as TCC grows. “Alantes was instrumental in helping us secure this financing for us,” said Travis Brisbon. “The process can be painful and arduous sometimes but the team at Alantes really went out of their way to make sure it was a seamless process and prioritized our business’ needs first.”
About Alantes
Alantes Corporate Finance (“Alantes”) specializes in capital raises and strategic advisory for small to middle market businesses across the nation. Our team prides itself on our ability to provide unique solutions for all of your business needs. Whether you’re looking to acquire a new company or additional working capital for operations, Alantes is your trusted source for business growth and expansion. Our multi-faceted approach allows us to craft creative solutions that adds value at the most critical junctures so you can focus your resources on core business activities.
For more information on this transaction, contact Alantes Corporate Finance at info@alantes.com
Alantes Corporate Finance, LLC
12 E 49th Street, 10th Fl
New York, NY 10017
www.alantes.com
