Business Capital Delivers Multi-Million Dollar Growth Capital to Mike’s Bikes
“It was a real pleasure to work with the team at BizCap. They took the time to understand our unique set of business needs and delivered customized financing to assist us with our short and long term growth capital needs.” -Ken Martin, CEO, Mike’s Bikes
The largest independent bicycle retailer on the West Coast, with 11 locations spread throughout Northern California and plans to continue expanding. The Company, based in Marin County California the birthplace of mountain biking, sells top quality brands of bicycles, components, apparel and consumables. It is unique in that it is larger than the typical neighborhood cycle store, yet maintains a “local bike shop” reputation. Its connection with the community has been a foundation for its success.
The Client has plans for strategic growth over the next three years, which requires significant working capital. They were seeking a financial solution enabling them to refinance outstanding debt and bolster liquidity to simultaneously improve profits and secure funding for new store expansion.
Business Capital prepared a comprehensive profile of the business, structured and secured a multi-million dollar credit facility that will provide the Company with additional operating capital and the benefits needed for growth, including increased vendor discounts, added liquidity and strategic cash flow.
“Obtaining this financing was especially rewarding as my family and friends are long time, loyal customers of Mike’s Bikes because of their top quality products and first class customer service that sets them apart as the national leader in their sector.” — ” Chuck Doyle, Managing Director, Business Capital.