MidCap Business Credit Closes new $5,000,000 credit facility
June 29, 2017.
MidCap Business Credit completed a $5 million revolving credit facility for Appco Pharma, LLC. The facility was used to provide additional liquidity and support the company’s growth plans and working capital needs.
Appco is a privately owned and operated, full-service, pharmaceutical CDMO established in 2012 and headquartered in Somerset, New Jersey. Appco specializes in developing and manufacturing complex drugs including dosage forms like oral tablets, oral capsules, oral and topical solutions, and oral suspensions.
The opportunity was sourced out of MidCap’s regional office in Baltimore, MD. Bruce Pavesich, Senior Vice President of MidCap Business Credit said, “We are excited to work with the Appco management team. We were able to deliver a credit facility with a flexible structure that will allow them to address their current financing needs as well as meet their future financial objectives. We also want to thank Able Global Partners who was the Intermediary on the transaction.”
MidCap Business Credit provides asset-based credit facilities to small and middle market businesses nationwide, who have borrowing requirements from $2MM to $15MM.