FGI Provides Mills Products, LLC with $20MM ABL Facility
“FGI understood the value and opportunities for growth within our North American operations. This partnership provides the capital needed to propel our business to the next level as we continue to lead innovation in the industry.”
Mills Products, LLC (“Mills”), headquartered in Athens, Tennessee, with state-of-the-art manufacturing facilities in Tennessee and Mexico, has led innovations in appliance design and engineering since the 1940s when founder Herbert E. Mills patented the oven window. A turnkey metal part and assembly manufacturer, Mills specializes in condensing multiple parts into single, lightweight rolled or formed parts through hydroforming, tubular stamping, roll forming, and assembly and finishing services to make handles, oven windows, metal trim, and structural components for the appliance, automotive, and furniture industries.
A family office acquired Mills in 2022 and sought to increase working capital to support the Company through its next chapter. It was important that they partner with a lender that understood their operations, as well as shared and supported their vision around the growth opportunities offered by their North American facilities.
FGI structured a $20MM ABL facility based on AR and inventory, in addition to an equipment term loan. The capacity to be flexible on reserves, discover untapped availability, and provide immediate liquidity made FGI the clear choice for Mills as it continues to expand and innovate.
