Wood-Mode, Inc is one of the most popular producers of custom kitchen and bath cabinetry in the world. The company has been in business for over 70 years and has seen many different cycles in the economy and housing market. This past week, the company announced that it has received additional capital and debt needed to help expand and grow the company even more (http://www.woodworkingnetwork.com/news/woodworking-industry-news/wood-mode-secures-9-million-asset-financing-expand).
The company announced that they had partnered up with Great Rock Capital and received a $9 million loan that will be used to help expand the business. Great Rock Capital is a commercial finance company that focuses on providing asset-based loans to companies such as Wood-Mode. This is just the latest loan that the company has announced. They recently also signed a working capital loan for $13 million, which will help to provide liquidity and is secured by A/R.
Wood-Mode will continue to focus on being one of the premier word working and cabinetry manufacturers in the world. The company currently sells its products either direct to consumers or through a number of different major retail chains and smaller custom shops. Overall, the company has about 600 different partners that sell its products and services. The loan will come at a good time for the company as they look to expand further. The company will focus heavily on improving its sales direct to consumers and through a number of different home builders as the overall economy and housing market continue to grow and develop.