Acquired by SUNS in 2017, North Mill Capital LLC (“NMC” or “North Mill”) is a leading asset-based lending commercial finance company that specializes in making senior secured asset-backed loans to small and medium-sized companies
NMC was founded in 2010 by its senior management team who originally launched the strategy in 1995 and have worked together for more than 20 years across multiple organizations
Based in Princeton, NJ and currently has ~30 employees with BDO offices in Minneapolis, MN, Milwaukee, WI, Atlanta, GA, Chicago, IL, Newtown, CT and Needham, MA
Diversified portfolio with over 90 portfolio companies
100% collateralized investment portfolio
Privately-owned, small to medium-sized businesses who have limited access to bank financing
Primarily US-based companies operating in the manufacturing, services and distribution industries
Borrowers typically have limited access to bank financing
NMC is typically the agent and sole lender to its borrowers
Size ranges from $500,000 to $10,000,000
Loan tenor is 1-to-3 years; average life of ~2.5 years
Financing structures primarily include asset-based loans (revolving) and factoring agreements (revolving)
Loans are collateralized on a first lien basis in all cases primarily by accounts receivable