Founded in 1933, Hirsch Pipe and Supply Company is one of the nation’s largest wholesale distributors of plumbing supplies. Hirsch serves Southern California contractors through its 13 store locations. The Company also sells wholesale and retail plumbing supplies throughout the United States through their Hirsch National Sales division and their leading internet website www.faucetdepot.com. They also have an international sales division.
Hirsch was looking to restructure an existing loan. Bank of America Business Capital structured a transaction which provides additional liquidity and covenant flexibility for the Company to maximize its opportunities during the downturn in the economy.
The $15 million asset-based credit facility is being used to refinance existing debt, and for acquisition and working capital purposes. Bank of America also is providing Hirsch with treasury management products and services.
