P2F Holdings Receives $15 Million Credit Facility
July 31, 2013
Capital Business Credit Provides P2F with Factoring and Trade Finance Solutions
NEW YORK – Capital Business Credit (CBC) announced today that it is providing P2F Holdings (P2F) and its subsidiary, MADA, with a $15 million revolving factoring facility.
MADA is the largest wholesale distributor of European luxury branded merchandise to the off price channel in the United States. The company was referred to CBC by their accounting firm as an opportunity to provide additional financial support for the planned growth of its MADA luxury division.
In only a matter of weeks, CBC was able to develop a facility that would lend against accounts receivable and inventory. Additionally, CBC was able to quickly provide a “spot” trade finance facility to support the company’s work with a luxury brand manufacturer, located overseas.
“Capital Business Credit was able to rapidly customize a solution to meet our needs,” said Sandra Piontak, CEO of MADA. “We were impressed with their senior management team’s hands-on approach in working with us, as well as their knowledge of the industry in which we operate. Additionally, since CBC has an array of product offerings, we plan to utilize their trade finance solutions on an as-needed basis when working with suppliers overseas.”
“With deep experience in both the retail and wholesale space, we took one look at MADA and knew we could help support the growth opportunity,” said Andrew Tananbaum, executive chairman of CBC. “MADA’s business model is somewhat unique in the fact that it is opportunistic and doesn’t always place or receive orders far in advance. A financial institution that doesn’t have experience with this type of business model may not recognize the opportunity that the company presents.”
Tananbaum concluded, “We are pleased that P2F turned to CBC to rely on our expertise in this sector.”
About Capital Business Credit
Established in 1988, Capital Business Credit, LLC (www.CapitalBusinessCredit.com) is a commercial finance company specializing in providing creative supply chain financing solutions. The company’s service offerings include: full-service factoring, immediate cash for receivables, single debtor credit coverage; letters of credit, accounts receivable management services; inventory lending, and international financing. CBC Trade Finance, a division of CBC, provides trade finance solutions for U.S. based importers working with Asia-based suppliers (exporters). Capital Business Credit is based in New York with offices in Hong Kong, Shanghai; Los Angeles; Charlotte, NC; and Ft. Lauderdale, Fla.