ROCHESTER — Hennessey Capital, a Michigan-based finance firm offering accounts receivable and inventory financing, is celebrating the success of three clients that leveraged the company’s asset-based lending programs to grow their businesses and obtain additional financing.
Hennessey Capital’s typical clients are often growing and in need of increased cash flow, but do not meet the stringent requirements of many banks. The firm offers a variety of flexible lending options, including accounts receivable financing along with traditional asset-based lines of credit.
“It’s always our goal to provide clients the cash they need to finance new business opportunities,” said Hennessey president and COO Mike Semanco. “We’re finding that in today’s market, these opportunities are more prevalent than we have seen in years. By helping clients successfully reach the next stage of their business lifecycle, they’re able to grow and thrive and we’re able to further contribute to the success of Michigan’s economy.”
Control-Tec, located in Allen Park, took advantage of a $1 million commercial finance line of credit from Hennessey Capital in 2011. As a provider of cloud-based telematic data acquisition, management, and analysis services to the automotive, heavy truck, and rail industries, the company was able to make effective and timely business and short-term investment decisions to drive and deliver growth opportunities with the new funding.
“We immediately recognized the potential value and partnership that Hennessey Capital could deliver,” said James R. Megyesi, CFO, Control-Tec. “Our business model was positioned for success, but Hennessey Capital filled the often overlooked need of sustainable cash flow to fuel a growing business. With their assistance, Control-Tec was able to achieve the next level of revenue and profitability.”
Other companies that achieved notable success with Hennessey Capital’s assistance include a Michigan-based engineering and manufacturing company who used their $1 million line of credit to restructure bank debt and fund current operations. They were a client from August 2010 until June 2012, at which time the company was able to obtain an SBA loan from a local community bank. Another Michigan-based client in the HVAC industry also took advantage of a $1 million line of credit, which was used to fund their ongoing business operations for nine months until they were financed by a regional bank.
Additionally, Hennessey Capital recently financed two staffing companies, each securing a $250,000 factoring facility to help them hire additional staff to achieve greater growth. The firm also financed a logistics management service company that is using an $800,000 line of credit to address accumulated vendor debt as a result of their growth and the absence of a traditional working capital facility.
Since its inception in 2002, Hennessey Capital has provided $680 million to 270 high-growth companies, further enhancing their clients’ profitability and strengthening their cash flow. Additionally, the company’s reach has expanded far beyond its Michigan headquarters, with clients in New York, Georgia, Florida, Pennsylvania, Ohio, Texas, and California.
For more information, visit www.hennesseycap.com or call (248) 658-1100.