Opus Bank’s Commercial Banking division provides $5,000,000 in formula-based growth capital to Pukka Inc.
Overview of Transaction
- Pukka Inc. (“Pukka”) is a leading designer and manufacturer of custom, premium sports and fashion headwear, beanies and scarves, and apparel for the branded, retail, sport, and corporate markets.
- With endless design possibilities, Pukka allows small retailers, startups, and seasoned iconic retail chains or brands to have industry leading quality and product diversity.
- With both bulk and proprietary B2B production solutions, Pukka is able to supply thousands of customers with unparalleled quality and designs in virtually every category including Golf, Surf, Skate, Snow, Specialty, Corporate, and Retail.
- Opus Bank’s (“Opus”) Structured Asset-Based Lending team provided a larger working capital line compared to its previous credit facility to support Pukka’s current and planned growth which includes product expansion and entry into new markets.
Significance of Transaction
- The structured asset-based credit facility allows for the greatest credit availability on the company’s trading assets.
- Opus provided a larger line of credit with the Structured Asset-Based Lending team to put Pukka in a position to take on additional customers and to expand its product offering.
Opus Bank's Role
- Opus’ Commercial Banking division possesses expertise in the garment and apparel industry, which made for a seamless underwriting of Pukka’s operations.
- Opus was able to fund the loan on an expedited basis to meet the owner’s deadline.
- Opus’ expertise in structured asset-based lending provides clients an alternative to traditional commercial loan underwriting, and in many cases provides a way to expand credit availability.
- Opus provided a flexible financing solution to maximize credit availability and provided Pukka the capital required to execute growth initiatives.