Home Source International receives $8.25M in funding
Thomas Russell -- Furniture Today, March 19, 2013
CHICAGO — Home textiles resource Home Source International said it has received $8.25 million in funding from Cole Taylor Business Capital to help fund a new plant and other strategic initiatives.
The company is building a 300,000-square-foot plant and warehouse in Marianna, Fla., which will make goods for its line. Home Source also is making furniture and lighting for Shiner International, which it acquired in 2012.
Roughly half of the building will be used for production, and about half of that space will be used to make Shiner's furniture and lighting. The other half of the building will be used for warehousing and distribution.
The funding will also be used to refinance the company's existing debt and fund ongoing working capital and equipment purchases to increase efficiency of the plant, said Keith Sorgeloos, president and CEO of Home Source International.
"This new banking facility provides us the wherewithal to fund our USA manufacturing facility and other strategic objectives moving forward, and it allows for the deal to service our needs as a closely held company with the people who own and manage it," he said. "And as such, it is a good fit."
Sorgeloos said that the furniture and lighting production for Shiner began in late November and that the home textiles portion of the facility will begin production by the end of April.
Adjoining office and showroom facilities will be completed by the end of May.
In High Point, the company shows its furniture and home textiles lines in a space it shares with Loloi Rugs in space D-320 of the International Home Furnishings Center.
Cole Taylor Business Capital is an asset based lending division of Chicago-based Cole Taylor Bank.