X10, LLC or Compass Directional Guidance, LLC.
Financing Amount: $1,500,000 Financing Date: January 31, 2019
About The Company
X10, LLC (“X10” or the “Company”) is the leading creator in integrated equipment and servicing for the directional drilling market. Based in Houston, TX, the Company focuses on leveraging a simple set of fundamental principles to maximize profits and minimize risk. X10’s mission is to acquire and consolidate downhole rental equipment assets and acquire jobs at a price that results in higher margins as a result of increased utilization of assets while building market value and the reputation of the entities and the tools. It is this approach and mentality that sets them miles ahead of the their competition.
Company found itself in a pinch when numerous new job requests and orders came in from their customers. Like many other companies, X10 needed working capital in order to have the resources to fulfill these job orders. With a lot of the value tied in assets or in accounts receivable waiting to be collected, Company needed a cash infusion so it would be able to fulfill on their contracts and take their company growth to the next level.
Alantes secured a $1,500,000 revolving line of credit based on the company's accounts receivable. The facility was sought in order to rework the existing debt and to provide working capital to the Company future operations. Due to its specialized drilling equipment and parts, Company found it very difficult to secure a lender that was comfortable with directional drilling equipment. Alantes found a lender within its network that was not only comfortable with this particular asset, but they were also willing to lend against the assets of the Company. This provided X10 with much needed capital to fulfill outstanding orders and job requests from their customers.
Alantes Corporate Finance (“Alantes”) specializes in capital raises and strategic advisory for small to middle market businesses across the nation. Our team prides itself on our ability to provide unique solutions for all of your business needs. Whether you're looking to acquire a new company or additional working capital for operations, Alantes is your trusted source for business growth and expansion. Our multi-faceted approach allows us to craft creative solutions that adds value at the most critical junctures so you can focus your resources on core business activities.
For more information on this transaction, contact Alantes Corporate Finance at firstname.lastname@example.org.
Alantes Corporate Finance, LLC
510 5th Avenue, 3rd Floor
New York, NY 10036