Posted on August 26, 2024
NEW ORLEANS –
When a third-generation, family-run food manufacturing company sought to refinance their incumbent regional bank, they chose the local, gulf coast experts at Republic Business Credit to refinance their line of credit. Republic was introduced by food and beverage industry leaders that believed Republic’s experience in the food manufacturing industry would enhance the long-term success of the partnership.
The company focuses on large-scale food manufacturing and milling for several Fortune 100 food manufacturing companies while supporting the healthily eating goals of local governments, cities and parishes.
The company’s management team focus on relationships, local connectivity and matching values with its generational history. They found a perfect match with Republic’s CEO, Stewart Chesters and SVP Business Development Officer for the New Orleans region, Leigh Guglielmo. The company’s chairman added, “Throughout our history, the alignment of our values with those of our partners has helped define our relationships and provided the foundation for success across our lending relationships.” She further added, “Republic is uniquely headquartered in Louisiana while being a national commercial finance company, which shows us they are committed to our community and building relationships from the ground up.”
“Republic prides itself on the personal and professional connections we make with our customers,” said Guglielmo. “From day one, we focused on understanding their business, partnering for future success and adhering to clear standards for mutual success.”
Republic provided the food manufacturing company with a $15,000,000 asset-based loan secured by their accounts receivables and inventory, which included a seasonal inventory accordion that would bring the combined loan up to $20,000,000. During the seasonal growth periods, Republic provided over $5,000,000 more in excess availability than their incumbent bank lender was able to provide.
“We have a lot of depth of experience and connection across the food and beverage manufacturing industry that, combined with our national platform, allows us to partner with great companies like this one,” stated Chesters. “It is always satisfying to be able to help an established company overcome a temporary setback and recover their previous, successful stature through our suite of ABL and factoring solutions.”
Republic partners with bankers, private equity firms, accountants, consultants, investment bankers and industry experts to support growing companies across the country.
Posted on August 12, 2024
CHICAGO –
When a renowned beverage manufacturing company found itself with insufficient working capital from its lender, it partnered with Republic Business Credit to expand its access to flexible working capital.
Republic was introduced by a middle market Midwest consulting firm that needed a food and beverage industry expert that was able to structure a more growth-oriented working capital facility. The company has already exceeded budget by over 30% during its first quarter since being supported with a better fitted asset based loan.
The company manufactures several different beverages across the carbonated and non-carbonated category. The company maintains exclusive licensing deals with some of the biggest brands around the country, delivering a private label and branded manufacturing experience for its customers. The company is on pace to achieve more than $40 million in revenue in 2025, only its fifth year in business.
The company was able to combine their strategic growth plan with a scalable asset based loan and the right team of advisors to exceed their budgets so far in 2024. Its founder added, “Republic understands our industry and our future better than we could have hoped for, and we are excited to work with Republic for years to come.”
Republic provided a $4.25 million asset based loan that allowed the company to not only hit, but exceed its projections. Republic was able to fund the deal by combining inventory availability along with a 90% advance rate on their accounts receivables. Additionally, Republic provided an in-transit advance on inventory in transit throughout the United States to help accelerate their cashflows.
“This company is primed for success. They have a unique product that is very strong in their market,” stated William Kemp, SVP, business development officer. “We found a fiscally smart way to support the company’s growth and we are proud of our partnership.”
The enterprise was founded in the Midwest and manufactures and distributes licensed consumer packaged goods both domestically and internationally. Republic is a proud supporter of food and beverage manufacturers across the country.
“This deal is the perfect example of what our company sets out to do,” said Robert Meyers, president of Republic. “We saw a dynamic set of founders, poised for success with the right partnership that could keep up with their growth.” Meyers added, “Our goal, and that of our clients, is profitable growth, and we are excited about their early successes and expectations to exceed 50% year-over-year revenue growth by the end of 2024!”
Posted on July 15, 2024
LOS ANGELES –
Based on a referral from a well-known California CPA firm, a rapidly expanding apparel manufacturer has chosen Republic Business Credit as its preferred factoring partner. Facing imminent deadlines for spring shipments, the LA-based clothing manufacturer sought a dynamic financing solution capable of scaling with its accelerated growth.
Specializing in full-package garments for major national retailers, the apparel manufacturer’s executive team boasts extensive experience in the apparel and textile sectors, positioning the company as a rising leader in women’s fashion, encompassing tops, bottoms and dresses. Reflecting on their recent success, the company’s founder emphasized, “We surpassed our spring orders by 150% and needed a partner who truly understood our industry.”
Republic swiftly responded with a $3,000,000 factoring facility, which was promptly increased to $4,000,000 within the first month as demand surpassed initial expectations. Republic’s approach included the full approval of most customers and strategic funding support for non-approved accounts, ensuring seamless cash flow management for the manufacturer.
Republic Senior Vice President of Business Development in Los Angeles, Tae Chung, highlighted Republic’s tailored solutions: “Republic’s expertise in women’s apparel enabled us to craft dynamic options that perfectly aligned with the client’s needs. Once our strategy was set, we moved swiftly to finalize the agreement, and we are already enhancing our support for their future growth.”
Republic specializes in providing factoring, asset-based lending and e-commerce solutions to apparel and textile manufacturers nationwide. Republic Chief Operating Officer, Matthew Begley, expressed optimism about Republic’s strong performance: “We’ve surpassed our 2024 sales targets ahead of schedule, marking a pivotal year of growth for Republic Business Credit. We look forward to forging new partnerships with companies experiencing similar growth trajectories.”
For more information on Republic’s financing solutions tailored for the apparel and textile industries, please visit Republic Business Credit.
Posted on May 28, 2024
NEW ORLEANS –
As part of its 2024 growth strategy, Republic Business Credit is pleased to announce the addition of Tuyet-Van T. Nguyen to its New Orleans team. Nguyen assumes the role of Senior Vice President, Head of Field Examination & Governance, and will lead all third-party and internal field examination activities across the commercial finance portfolio.
Nguyen is building out Republic’s internal field examination department to better support its current clients, prospective clients and referral partnerships. With an internal field examination group, Republic will strengthen its ability to speed up deal closings while minimizing costs where possible. This will allow small- and medium-sized businesses across the country better access to factoring and asset-based loans. It further solidifies Republic’s goal of being trusted partner.
Additionally, Nguyen will lead on all governance activity related to Republic’s policies, as well as regulatory compliance related to the parent company, Renasant Bank, and other activities required by the CEO and management committee. She will work closely with Republic’s third-party field examination firms as well as eventually hire additional field examiners to maintain schedules across all current clients and various risk statuses. Nguyen will also monitor legal and regulatory developments.
“I am looking forward to bringing my skill set to Republic, which fosters an entrepreneurial spirit throughout the company. The opportunity to build and lead a team within Republic’s more intimate work atmosphere is particularly appealing to me. Republic’s reputation for trustworthiness, professionalism, in-depth industry knowledge and a supportive environment solidifies my belief in them and the culture they are fostering.”
Nguyen, a Loyola University of New Orleans graduate, joins Republic following a decade-plus career at a national bank. She most recently served as director of asset-based lending and has a proven track record in overseeing and identifying potential risk in various business lines by fostering partnerships across the entire process from front end to the back end. She oversaw a team of more than 15 examiners and will leverage that managerial expertise in her new role.
Nguyen reports directly to Republic CEO Stewart Chesters.
“Van’s experience across all platforms of asset-based lending and her in-depth field examination expertise make her the perfect candidate to create and expand a field examination group here,” Chesters said. “We’re grateful to have her on board as we forge new partnerships and grow our business and our team across the U.S.”
“With the addition of senior leaders such as Van, Republic continues to demonstrate our strength in the secured finance industry and our commitment to hiring and recruiting top talent,” Republic President Robert Meyers said. “In the first six months of 2024, our team has grown over 20%, which is a remarkable milestone for a firm that began as a small, local startup.”
In her leisure hours, Nguyen dedicates her time to co-administering and managing an extensive international all-female Facebook community called Host A Sister. With a membership exceeding 600,000 women, the group’s mission is to provide assistance and support during times of need.
Posted on May 21, 2024
HOUSTON –
Republic Business Credit, a nationally recognized commercial finance company, is expanding its Houston office to support the firm’s regional leader and SVP, Business Development, Houston, William Kemp. This expansion will boost Republic’s client base and help the company take on new factoring and lending opportunities nationwide. The company’s growth spurt also includes new positions in Los Angeles and at its headquarters in New Orleans.
“As the need for nontraditional lending products increases, we’re proud to be able to offer products that help both small businesses and private equity sponsors,” Republic President Robert Meyers said. “We expect continued growth in 2024 throughout our core constituencies, which include oil field service, apparel, temporary staffing, government contractors, food, beverage and accessory brands along with a continued focus on portfolio opportunities through the private equity community.”
Ayesha Tariq and Chance Chadwick join the Republic team in Houston as business development associates. Both University of Texas at Austin graduates, Tariq and Chadwick will work closely with the Gulf Coast Regional New Business team while supporting the Los Angeles, New Orleans and Chicago offices of Republic. They will report to William Kemp.
“As the demand for Republic’s suite of products in factoring, Fast AR funding and asset-based lending has increased, so has our need to expand the team here in the fast-growing Houston market,” Kemp said. “I’m excited to onboard Ayesha and Chance and expand our footprint in this growing industry.”
Tariq graduated from the University of Texas in 2022 where she served as a microbiology teaching assistant and led the philanthropic efforts of Alpha Phi Sigma. She completed a data science bootcamp the following year and most recently worked as a business analyst and coordinator, growing her expertise in healthcare, pharma and life sciences verticals.
Chadwick graduated in 2023 and interned in sales and marketing for The Catalyst Group in Houston. He assisted with M&A efforts for a newly acquired platform and helped with business development in international markets. He also worked with Blue Harbor Capital Advisors identifying new business opportunities, with a focus on private equity.
Republic CEO Stewart Chesters, who established the Houston office in 2011, commented on the additions of Tariq and Chadwick: “One of the exciting things about working in secured finance is the varied backgrounds of the folks in our industry. We all come from different fields and areas of interest, and Ayesha and Chance exemplify that,” said Chesters. “William has been leading our Houston expansion with drive and dedication. I know he will be a great mentor to both.”
Posted on May 14, 2024
LOS ANGELES –
Republic Business Credit is pleased to announce the addition of Nisha Pujji to its West Coast office, adding to a team known for its ABL, e-commerce and apparel factoring expertise. Pujji will serve as an operations analyst, reporting to AVP, Operations Manager, Chad Crunelle.
Republic represents one of the largest entrepreneurial focused finance companies in the United States. The growth of the Los Angeles office reflects the firm’s expansion nationally with a platform and products that support the needs of growing small businesses, the private equity industry and entrepreneurs. The company is headquartered in New Orleans with offices in Los Angeles, Houston and Chicago.
As an operations analyst, Pujji will ensure that Republic’s day-to-day operations are in accordance with credit policy and other established processes. She will support the traditional factoring, asset-based lending and accounting teams across the U.S.
“Part of our firm’s investment strategy is to invest in our people, and the growth in our West Coast office is a reflection of that,” said Republic Chief Operating Officer Matthew Begley. “Our goal is to continue to add great people who reflect our culture of vibrancy, diversity and talent. We’re excited to welcome Nisha to the team.”
Pujji graduated from the University of California, San Diego, with a bachelor’s degree in political science and a focus on public law. She clerked for a law firm in Chatsworth doing research, writing and administrative duties for probate cases.
Crunelle said Pujji will be a great fit for Republic: “Nisha’s versatile background will add a fresh perspective to our growing Los Angeles-based team. She will help coordinate audits and inventory appraisals and work with our accounting group to ensure smooth communication between us and our clients.”
Posted on May 7, 2024
NEW ORLEANS –
When Republic Business Credit saw an opportunity to add an experienced finance expert to their team in New Orleans, they jumped at the chance. Danielle Wright-Madison, who began her career as a financial analyst and most recently served as a field exam manager for a major national banking institution, is among the new hires at Republic’s NOLA headquarters.
Wright-Madison will take on the role of Vice President, Underwriting, and report directly to Republic’s Senior Vice President, Underwriting Manager, Brian Daray.
“Danielle’s breadth of experience in finance and underwriting make her a perfect fit for our growing business,” Daray said. “She will be a key player on our team, working closely with the underwriting, client services and new business teams to guide us toward prospective borrowers that make sense for us and our partners.”
“I am truly looking forward to working within the entrepreneurial environment of Republic and leveraging my skill set of problem solving, leadership, support and training,” Wright-Madison said.
In her role, Wright-Madison will support the firms’ teams across its suite of products that include asset-based lending, e-commerce and factoring. She also will be responsible for reviewing and assessing clients for compliance against standard credit policies and procedures.
Prior to Republic, Wright-Madison was continually promoted at a major national bank, honing her expertise in field examination, due diligence, billing, records, inventory collateral and credit assessment.
She earned a bachelor’s degree in accounting from Xavier University of Louisiana, is a member of the Business Achievers Association, National Association of Black Accountants and has volunteered for an IRS tax assistance program.
“We were looking for someone in our New Orleans office who would be a proactive contributor to our community and prospective clients, as well as provide critical guidance in all aspects of client due diligence and compliance. It’s an important role, and we’re thrilled to be able to add Danielle to the incredible talent pool at Republic,” Republic President Robert Meyers said.
Posted on May 7, 2024
NEW ORLEANS –
Republic Business Credit continued its national growth trajectory with a new addition at the company’s home office in New Orleans. Katherine Hebert Seghers, an experienced data analyst and financial accounts manager, recently joined the firm as Vice President, Senior Accountant. A graduate of Loyola University New Orleans with an MBA from University of New Orleans, Seghers brings more than a decade of experience in managing financial accounts.
“I am thrilled to join the Republic team. My position is a dual role that will expand my financial skill set while allowing me the opportunity to learn the secured finance field through various special projects. I love the possibility to learn something new, which made this role so appealing,” Seghers said. “Meeting the team and seeing Republic’s company spirit in person along with their continuous growth reaffirmed why Republic is a leader in the secured finance industry and where I want to be.”
Seghers will report directly to Republic SVP, Controller Diane Wszalek.
“Katherine is a much-needed addition to the team, and I look forward to collaborating and working with her across our business planning and financial reporting requirements, as we balance our short- and long-term goals together,” Wszalek said.
In her role, Seghers will contribute to the strategic and growth goals of the firm while overseeing critical day-to-day accounting needs. She will use her accounting expertise to oversee and manage reconciliations in all operating systems, complete weekly accounts processing, compile monthly client analysis and fee assessment, and assist the controller on any special projects, such as third-party risk & vendor management and SOX auditing. Her prior experience in marketing and communications will also be a valuable asset as she assists with marketing projects.
“Our firm is growing and it’s important to add to our team in a way that supports senior executives in some of our critical day-to-day responsibilities in an ever evolving and developing industry. We’re lucky to have Katherine and her wealth of experience on board,” said Republic Chief Executive Officer Stewart Chesters.
Posted on May 1, 2024
ATLANTA –
Republic Business Credit is excited to announce the addition of Brian Resutek as Senior Vice President, Southeast Regional Manager. Resutek brings nearly two decades of experience in factoring, commercial finance, banking and business development. He joins a team at Republic that has grown by more than 20% in the first half of 2024 alone, adding seven key new hires in the past 90 days.
Brian brings deep industry knowledge in addition to his dynamic finance background, particularly supporting growing businesses across the apparel, textile, furniture, accessory, flooring, and food and beverage industries.
“When we identify a candidate with the talent and experience of someone like Brian, we work hard to recruit them to our growing team,” Republic CEO Stewart Chesters said. “Brian not only expands our Southeast partnership with Renasant Bank, but he also enables us to support more manufacturers and distributors across one of the fastest growing economic regions.”
Resutek most recently worked both as an account executive and business development officer for one of the largest privately held factor and finance companies in the U.S. He oversaw client and account management, new business development and both factoring and asset-based loan opportunities. He also spent nearly a decade at Branch Banking & Trust, or “BB&T,” in the bank’s commercial finance sector.
“I truly enjoy the challenge of growing, partnering and collaborating across the Southeast for Republic and Renasant Bank. I have been following Republic Business Credit’s growth and success for some time, and the opportunity to help build their Southeast presence was something I couldn’t pass up,” Resutek said.
Resutek earned a Bachelor of Business Administration degree from the University of Michigan’s Ross School of Business. He also served as head manager under legendary football coach Lloyd Carr, overseeing 15 student managers. He earned an MBA from University of Georgia’s Terry School of Business and completed Harvard University’s 18-month business analytics program in 2020.
In his new role, Resutek will assess and build new client relationships, working closely with Republic President Robert Meyers.
“Republic is fortunate to have Brian joining with his level of experience, and our team will be better as a result,” Meyers said. “Brian is a known and well-respected professional in the Southeast region, and he is another reflection of our strategy to build a business that includes the best and brightest people throughout our key markets.”
When he’s not working on new business or growing relationships with clients, Resutek competes in ultramarathons and other endurance-related challenges along with spending time with his family. Additionally, he volunteers for the local YMCA, where he is a board member, as well as other local nonprofits.
Posted on April 29, 2024
LOS ANGELES –
Republic Business Credit is excited to announce its partnership with a science-based food company that needed additional working capital to expand into new retail channels. To help the manufacturer, Republic provided a $1.5 million recourse factoring facility, which will supply the company with the working capital to pay its vendors in a timely manner.
Founded in 2017, the company is a healthy snack manufacturer that specializes in affordable, nutrient-dense snacks. Its product catalog includes low-carb pita chips, protein-rich cookies, gluten-free items, low sugar options and plant-based snacks. The company, which is funded in part by the U.S. National Science Foundation, appeals to health-conscious consumers through its approach to creating nutritious foods made from plants, legumes, and other protein-rich ingredients.
The food manufacturer sought to enter new and larger retail channels. However, with its accounts receivable file growing rapidly due to an influx of customers, the company had trouble paying its suppliers on time. Republic’s $1.5 million recourse factoring facility provided a line of credit, which will increase the company’s working capital and allow it to manage growth expectations.
Jason Carmona, Republic Executive Vice President, Western Regional Manager, helped facilitate the partnership.
“We are happy to support a company at the forefront of healthy and sustainable foods. Republic routinely partners with companies in the food and beverage industry, and it’s gratifying to help a food manufacturer grow in this particular space serving clients who are seeking out healthy snack options,” Carmona said.
Republic President Robert Meyers said the fast-growing company fills a niche in the food and snack business that Republic products are designed to serve.
“With the boost from Republic, the food and snack company can broaden its retail landscape. As more consumers turn to foods that are healthy and accessible, companies like this one find themselves facing increased demand — and sometimes lack the capital needed to meet that demand,” he said.
Posted on April 16, 2024
NEW ORLEANS –
Republic Business Credit provided a $6.75 million asset-based loan to an award-winning temporary staffing company that outgrew its current bank lender.
The Tennessee-based company provides staffing solutions for light industrial, administrative, information technology, and essential healthcare workers. It has more than 30 locations nationwide, has been in business for more than 25 years and is owned by its employees and management team.
The company’s long-time, existing lender reached out to Republic’s parent company, Renasant Bank, when it was clear the company would need increased working capital that traditional lending could not accommodate. The company was experiencing cashflow challenges due to inconsistent customer demand combined with staffing recruitment shortages. Temporary staffing is a leading economic indicator. With historic low unemployment and rising interest rates, companies often prefer temporary hires over full-time employment.
Republic, which has experience providing fast and effective funding solutions to temporary staffing companies across the country, was the ideal partner to step in and assist this company.
“When Renasant connected us with this staffing company, we knew we would be able to provide the increased working capital availability that their incumbent bank was providing,” said Republic Senior Vice President of Sales, Leigh Guglielmo. “Republic was uniquely positioned to extend an asset-based loan that not only supported the company’s payroll needs, but also provided options to continue growing with their manufacturing customers.”
The $6.5 million asset-based loan has an accordion feature to the agreement in the event of company growth combined with no cashflow related covenants. This structure will provide the immediate availability and long-term flexibility that the company needs to recover and thrive.
“We increased their availability by more than 25%, which is huge for a working capital dependent temporary staffing company, not to mention were able to set up the facility within five weeks of our initial engagement,” said Republic President Robert Meyers. “Our speed and industry expertise makes us an excellent partner to companies that find themselves needing funding solutions when traditional banks aren’t the best fit.”
The structure of the loan allowed the company’s long-time lender to maintain the existing treasury for three of its operating accounts while Republic provided the working capital line.
“Republic was able to tailor a solution that supplemented the company’s line of credit, making it possible to cover existing costs while planning for the next phase of development,” said Melody Vollman, Senior Vice President, Renasant Bank/Southeastern Commercial Finance. “We’re proud to work alongside Republic on solutions like this that work.”
Asset-based loans are common within the temporary staffing industry, which experiences frequent and at times unpredictable fluctuation. Republic has partnered with numerous staffing companies to provide similar solutions.
Posted on March 12, 2024
LOS ANGELES –
When a California-based aftermarket automotive supplier needed to increase its working capital after acquiring a competitor, Republic stepped in to provide more availability and a larger credit facility to support its cashflow.
The private equity-owned company specializes in providing custom, luxury products to vehicle owners looking to upgrade across the country.
The automotive supplier’s decision to choose Republic stemmed from prior experience with another portfolio company borrowing from Republic. Having observed Republic’s successful financing of that company, the supplier trusted Republic to refinance its bank line of credit and support its growth.
Republic saw the value in the company’s management team, strategic direction and private equity sponsor. After reviewing its strong adjusted EBITDA performance, Republic understood that this company had already recovered from the acquisition expenses but is set to thrive in 2024 with the right lending solution.
“Our established partnership with the company’s sponsor, coupled with our track record of delivering timely, professional, and dependable support, solidified our position as the ideal lender for the business,” stated Republic COO Matthew Begley. “The management team’s capabilities and the company’s past achievements instilled confidence in our ability to forge a successful relationship.”
Due to the company’s unique business model, it carries more SKUs and inventory than some other businesses. However, due to strong gross profit margins and a well-run business, Republic was able to provide availability against the full value of that collateral with an $8 million asset-based loan.
“We continue to see demand to support growth-oriented opportunities across our sponsor driven ABL strategy,” said Republic President Robert Meyers. “There is additional credit support and comfort working with sponsors, combined with mutual time and cost savings from reoccurring transactions with the same equity partners.”
Ultimately, Republic increased borrowing availability by more than $3 million at closing and will further benefit the company during the low and high seasons.
“With Republic’s help, we were able to refinance our bank line of credit and significantly increase our borrowing availability to help us scale the business,” said the company’s CEO. “We are grateful that our private equity sponsor had an existing relationship with Republic so we could quickly partner.”
