SAN JOSE, Calif.--(BUSINESS WIRE)--Avidbank Specialty Finance, a Division of Avidbank that specializes in technology, sponsor finance and asset-based lending, has provided $6.4 million in credit facilities to America’s Thrift Stores (“ATS”).
Founded in 1984 and headquartered in Birmingham, Alabama, ATS is a for-profit company that supports ministries and charities by reselling donated clothing and household items. ATS currently has 17 stores in five states. The new funding will enable growth of ATS donations network with a target of 30% increase in donations to support the plan to open two to four new stores per year. ATS is a portfolio company of Alpine Investors.
“We are pleased to provide America’s Thrift Stores with the support they need for their next phase of growth,” said Jon Comeau, Senior Vice President, Relationship Manager, “Avidbank is thrilled to continue building our partnership with ATS’ exemplary management team and further strengthen our relationship with their equity sponsor, Alpine Investors.”
“Avidbank’s due diligence was thorough, grounded in good business judgment, and highly efficient,” said Dan Doore, Chief Financial Officer of America’s Thrift Stores. “The Avidbank team, without exception, was highly professional, competent and personable. From the beginning of the process, we believed they would make excellent banking partners and advisors. While we are early in our relationship with Avidbank, they have already proven to be excellent partners.”
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in San Jose, California, offers innovative financial solutions and services. We specialize in commercial & industrial lending, technology and asset-based lending, specialty finance, real estate construction and commercial real estate lending. Avidbank provides a different approach to banking. We do what we say.
About America’s Thrift Stores
America’s Thrift Stores is one of the largest for profit thrift stores in the southeast with 17 retail stores, a wholesale division and approximately 1,200 employees across five states (Alabama, Tennessee, Georgia, Louisiana, Mississippi). Unlike traditional retailers, ATS processes donated goods to determine what is sellable and at what price. ATS partners with well-known charities such as Make-A-Wish Foundation to collect donations of clothing, household goods and other products and sells them in our retail stores or wholesale distribution streams. This relationship provides needed funding for our charity partners and efficiently recycles millions of pounds of unwanted goods rather than being thrown away in landfills. To learn more, please visit www.americasthrift.com.
About Alpine Investors
Alpine Investors is a software and services focused private equity firm that differentiates itself through its PeopleFirst strategy. Its PeopleFirst strategy includes a CEO-in-Residence (CIR) program, where Alpine partners with CEOs first and places them into companies as part of the transaction. This provides a unique solution for owners who are looking to sell a majority stake (70-100%), an opportunity to transition out of the day-to-day operations and want to see their business and employees continue to grow post close. Through its PeopleFirst program, Alpine has deployed 17 CEOs into companies since 2013. For more information, visit www.alpine-investors.com.
