UK-Centric Commercial Finance,an expert in SME funding,has provided Martin Audio with a£1.3 million invoice discounting facility.The additional working capital will be used to ensure the on-going growth of the business.
Martin Audio is an affiliated portfolio company of Sun European Partners,LLP("Sun European Partners"),the European advisor to Sun Capital Partners,Inc.This is one of a number of deals completed by Centric with private equity houses in the first quarter of 2012,the company says.
Tim Hawkins,commercial director at Centric,comments:"As the popularity of ABL[asset based lending]grows and proves itself to be a flexible alternative to traditional bank overdrafts,we're increasingly working with private equity houses.Thanks to its superior products and established position,Martin Audio is an ideal candidate for the type of funding we offer."
Martin Audio is one of 10 companies that sit under the umbrella of LOUD Technologies Inc,based in the US.Martin Audio's parent company,itself a user of invoice discounting and ABL,encouraged the management team to seek out this form of funding,which is commonly used in the US,say Centric.
Anthony Taylor,managing director of Martin Audio,said:"Apart from being an excellent solution for us in the short term,the funding Centric is providing has been structured so that it can grow with us.Centric's facility is allowing us to develop new technologies and widen our product offering."
