ASB Solidifies Financial Position with $3 Million in Private Financing
American Solutions for Business (ASB), Glenwood, Minnesota, announced today that it has successfully completed a $3 million private refinancing, combined with an extension of its $15 million credit facility with Wells Fargo into 2013.
ASB CEO Larry Zavadil said, "This positions American for future growth as we return to our long-standing business model of capturing early payment discounts from our vendor partners. The refinancing was accomplished through investments from our sales associates, company personnel and the local community. I'm grateful to those who participated and look forward to the future growth of the company and the expansion of our sales force. This successful refinancing effort, along with our significant investment in technology will serve to strengthen American and give us the momentum we need to keep moving forward.”
ASB is an industry-leading distributor of printing, advertising specialty products, e-commerce and enterprise-wide document management solutions with approximately 600 sales associates, 200 home office employees and 30,000+ clients. Founded in 1981, the company lists booked sales at $200 million for 2009.
For more information on American Solutions for Business, visit www.americanbus.com.