Dog Treat Manufacturer Had a “Ruff” Time Until We Came in with a $3MM Credit Line

The Company
This is a Washington-based manufacturer of treats for dogs including dog biscuits, meat treats, and soft and chewy treats. After twenty years, in 2015, the business was acquired from the original owner by an equity group with in-house operators.

The Situation
The Company had a line of credit with a bank but unfortunately, lost money and thereby broke covenants. The bank referred the Company to us to take it with a credit facility that would help management turn around the P&L.

The Solution
As we found the Company to be well-run and managed, we provided a $3,000,000 Accounts Receivable Line of Credit. This paid off the bank and made additional working capital available.

The Result
Even though the Company cut operating expenses and had decent volume, it hadn’t shown the ability to make money. The expectation is that will change with our more flexible financing.

About Celtic Capital
Companies looking for working capital to cover operating expenses, fund growth, increase buying power and take advantage of vendor discounts and rebates turn to Celtic Capital. With an appetite for the more complex transactions, Celtic Capital has a history of success in crafting creative, flexible asset based financing solutions from $500,000 to $5 million with no financial covenants.

As an independent lender, working with companies nationwide, Celtic Capital is willing and able to alter price and deal structure and expand lines of credit to handle its clients’ increased revenues; and when cash flow is an issue, will look toward providing an inventory facility to help offset lost cash flow.

If you know of, or are, a business in need of non-traditional financing, contact Mark Hafner at 800.742.0733 or, or visit us at