This financing will be used to pay off existing debt with the remaining proceeds available to accelerate growth initiatives and working capital purposes, including new product development and expansion into new markets, as well as broadened adoption in rehabilitation and elite athletics, according to a media release.
“When it came time to seek new sources of capital to finance our growth initiatives, we naturally re-engaged with our trusted advisor BizCap, who previously delivered on their mandate to secure a debt facility with the best cost of capital along with the most intelligent, customized structure for AlterG,” said Charles Remsberg, chief executive officer of AlterG. “Their process of understanding our business model and strategic plan was meticulous, and again resulted in an excellent selection of a capital provider who, together with BizCap, executed on a perfect fit solution.”
AlterG first engaged BizCap in 2017, when identifying the best financing solution to support their refinancing objectives proved challenging. BizCap then successfully secured significant interest from multiple capital providers in its extensive portfolio of finance partners, ultimately enabling AlterG to finance the rapid growth of their business.
“We were thrilled to get the call from Charles to again put our time-tested model to work,” said Chuck Doyle, president and CEO of BizCap. “AlterG’s innovations in equipment designed for physical rehabilitation and elite athletic training have significant extendibility into new markets and product lines, and by applying our proven methodology, we again secured the optimum capital partner who is confident in and already supporting AlterG’s vision and growth trajectory.”
[Source(s): BizCap, Business Wire]