SAN JOSE, Calif.--(BUSINESS WIRE)--
Avidbank Specialty Finance, a Division of Avidbank that specializes in
technology, sponsor finance and asset-based lending, has provided $6.4
million in credit facilities to America’s Thrift Stores (“ATS”).
Founded in 1984 and headquartered in Birmingham, Alabama, ATS is a
for-profit company that supports ministries and charities by reselling
donated clothing and household items. ATS currently has 17 stores in
five states. The new funding will enable growth of ATS donations network
with a target of 30% increase in donations to support the plan to open
two to four new stores per year. ATS is a portfolio company of Alpine
Investors.
“We are pleased to provide America’s Thrift Stores with the support they
need for their next phase of growth,” said Jon Comeau, Senior Vice
President, Relationship Manager, “Avidbank is thrilled to continue
building our partnership with ATS’ exemplary management team and further
strengthen our relationship with their equity sponsor, Alpine Investors.”
“Avidbank’s due diligence was thorough, grounded in good business
judgment, and highly efficient,” said Dan Doore, Chief Financial Officer
of America’s Thrift Stores. “The Avidbank team, without exception, was
highly professional, competent and personable. From the beginning of the
process, we believed they would make excellent banking partners and
advisors. While we are early in our relationship with Avidbank, they
have already proven to be excellent partners.”
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in San Jose,
California, offers innovative financial solutions and services. We
specialize in commercial & industrial lending, technology and
asset-based lending, specialty finance, real estate construction and
commercial real estate lending. Avidbank provides a different approach
to banking. We do what we say.
About America’s Thrift Stores
America’s Thrift Stores is one of the largest for profit thrift
stores in the southeast with 17 retail stores, a wholesale division and
approximately 1,200 employees across five states (Alabama, Tennessee,
Georgia, Louisiana, Mississippi). Unlike traditional retailers, ATS
processes donated goods to determine what is sellable and at what price.
ATS partners with well-known charities such as Make-A-Wish Foundation to
collect donations of clothing, household goods and other products and
sells them in our retail stores or wholesale distribution streams. This
relationship provides needed funding for our charity partners and
efficiently recycles millions of pounds of unwanted goods rather than
being thrown away in landfills. To learn more, please visit www.americasthrift.com.
About Alpine Investors
Alpine Investors is a software and services focused private equity
firm that differentiates itself through its PeopleFirst strategy. Its
PeopleFirst strategy includes a CEO-in-Residence (CIR) program, where
Alpine partners with CEOs first and places them into companies as part
of the transaction. This provides a unique solution for owners who are
looking to sell a majority stake (70-100%), an opportunity to transition
out of the day-to-day operations and want to see their business and
employees continue to grow post close. Through its PeopleFirst program,
Alpine has deployed 17 CEOs into companies since 2013. For more
information, visit www.alpine-investors.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180316005055/en/
Avidbank Holdings, Inc.
Steve Leen, 408-831-5653
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.