Pricing Isn’t Always the Most Important Issue

The Company

This 110-year old business (family owned for the past 50 years) is a Utah-based commercial printing company that specializes in both traditional offset printing and digital printing.

The Situation

In 2016, the Company hired a senior manager to lead it into the digital printing arena. Unfortunately, that manager underperformed, costs went up significantly, and the Company suffered two years of losses. Its bank put the Company in default and the owner was referred to Celtic Capital.

The Solution

Celtic Capital provided a $3,000,000 Accounts Receivable Line of Credit, a $500,000 Inventory Line of Credit and a $500,000 Equipment Loan to pay off the prior lender and to provide additional working capital.

While another lender proposed a less expensive deal, it was laced with covenants. Celtic Capital has no covenants and our proposal included a Term piece to increase availability. Our deal structure and our no covenant policy combined with President and CEO, Mark Hafner’s face-to-face visit with the owner (who very much appreciated Mark’s trip up to Utah) led to our winning the deal.

The Result

In addition to securing this new financing, the Company let the underperforming manager go and scaled back expenses while continuing to pursue the digital market. The Company has since turned the corner and 2020 is expected to be a stronger sales year resulting in significant growth.

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