Opus Bank’s Commercial Banking division provides $11,000,000 in senior debt financing to C2 Wireless and Accessories LLC
Overview of Transaction
- C2 Wireless and Accessories LLC is a premier B2B distributor of branded wireless accessories and parts, offering the latest and most innovative products from top manufacturers.
- C2 Wireless and Accessories LLC is owned by its employees through an Employee Stock Ownership Plan (“ESOP”) and needed a financing partner that could provide working capital to support the company’s continued growth, as well as refinance a portion of the ESOP-related debt.
Significance of Transaction
- Opus Bank (“Opus”) provided working capital to a quickly-growing company in a market experiencing fast-paced technological changes.
- Opus also refinanced ESOP-related debt to a non-standard leveraged ESOP providing selling shareholders with liquidity.
Opus Bank's Role
- Opus worked hand-in-hand with C2 Wireless and Accessories LLC’s management to thoroughly understand its business model. Opus provided the working capital needed to support the company’s growth and provide liquidity to the selling shareholders — meeting the company’s strategic and financing goals.