Advancion, which provides ingredients and research and manufacturing services to support the biotechnology, pharmaceutical and other consumer-oriented and industrial markets, just closed a $50 million receivables securitization deal.
Finacity, a White Oak Global Advisors company, brought the financing facility to market on behalf of Advancion. It was collateralized by accounts receivables that Advancion and its subsidiaries originated, according to a statement from Finacity.
"We appreciated the strong partnership and expertise throughout the development of our $50 million receivables securitization program," according to a statement from Advancion Chief Financial Officer Walter Keller. "The new facility enhances our financial flexibility and supports the ongoing growth of our business."
Advancion is a portfolio company of Ardian and Golden Gate Capital.
