September 30, 2020
ATLANTA — SEPT. 30, 2020 — Wingspire Capital Holdings (“Wingspire”) is pleased to announce the funding of a $30 million senior secured working capital revolver to a leading distributor in after-market auto parts, consumer electronics and personal protective equipment.
The borrower will use the funding to accelerate a turnaround plan that includes reducing expenses, eliminating slow-moving excess inventory and pursuing new customers with sought-after PPE products such as masks and thermometers.
“Our client has been doing all the right things in this unpredictable economy — executing on the fundamentals of the business and focusing on customer service, contribution margins and cash flow generation,” said James Garlick, Managing Director and Head of Originations at Wingspire Capital.
ABOUT WINGSPIRE CAPITAL HOLDINGS
Wingspire Capital Holdings focuses on the upper tier of the senior secured asset-based lending (ABL) and ABL stretch market by providing revolving credit lines and term loans ranging from $20 to $200 million. The Atlanta-based company serves mid-sized public and private businesses across numerous industries including manufacturing, distribution, retail, logistics, automotive, energy, consumer products, hospitality, lender finance and business services. Wingspire’s loans are secured by assets such as accounts receivable, inventory, equipment, real estate and intellectual property. Wingspire is a portfolio company of Owl Rock Capital Corporation (NYSE: ORCC). ORCC is externally managed by Owl Rock Capital Advisors LLC, an SEC-registered investment adviser. Owl Rock Capital Advisors LLC, together with its affiliates, is a New York based direct lending platform with approximately $17.3 billion of assets under management as of March 31, 2020. For more information about Wingspire, please visit wingspirecapital.com.