NorthView Advisors closes an $8.5MM working capital facility for Morcon, Inc.
December 22, 2020
NorthView Advisors LLC (“NorthView”) is proud to announce the closing of an $8.5MM working capital and capital expenditure facility for its client, Morcon, Inc. (“Morcon”) with MidFirst Business Credit (“MidFirst”). Proceeds from the facility will be used to refinance Morcon’s existing credit facility and provide additional working capital and help facilitate further business expansion.
“We’re very excited to announce this closing, especially given its relevance,” said JT Schroeder, Managing Director of NorthView. “As a commercial paper tissue converting company, Morcon was, like many others in the industry, strongly affected by the COVID-19 pandemic throughout 2020. They needed to refinance their existing working capital facility to tap into suppressed availability while also implement a valuable cost-savings program to take advantage of new business opportunities. Not only did MidFirst meet the ask, but they also offered both higher advance rates and a CAPEX line to Morcon. MidFirst took the time to understand the COVID effect on this business and both Morcon and MidFirst were patient with the refinance process, which experienced constant disruptions. Lots of hard work, late night, and persistence on all sides to get this refinance done for a great company. Congratulations!”
“We launched our re-fi process coincidentally at the beginning of the pandemic,” said Joe Raccuia, Owner/President & CEO. “The Morcon team interviewed a number of investment banking firms and NorthView, namely JT Schroeder, stood out very quickly above the rest. Northview led and managed the process, including communicating with all parties involved. JT did a masterful job. In the end, we couldn’t be more pleased with the outcome and I highly recommend Northview and JT Schroeder as an investment banking partner.”
Bruce Van Weele, First Vice President of MidFirst added, “Throughout the process, JT Schroeder of NorthView was instrumental in keeping the process on track and facilitating communication between MidFirst and the company. With JT’s help, the company was able to navigate through a complex loan closing in an efficient and effective manner.”
Vince Valenza from Whiteman Osterman & Hanna LLP provided legal counsel to Morcon and Chris Mykytiak from Hahn Loeser & Parks LLP represented MidFirst in the transaction.