Keltic Financial Services announces the completion of a $3,000,000 revolving line of credit to Jupiter Bathware, Inc.

January 14, 2010

Headquartered in Wake Forest, NC, Jupiter is the holding company for Carolina Classic Manufacturing, Inc. located in Wilson, NC, Bathcraft, Inc. located in Valdosta, GA, and Georgia Bathware, Inc. located in Union Point, GA.  The operating entities manufacture a broad array of fiberglass and acrylic bathtubs and tub/shower combination units for wholesalers and manufactured housing customers located in the southeastern United States.

Similar to many other companies in its industry, Jupiter Bathware’s revenue and profitability was negatively affected by the economic downturn and subsequent recession which started in 2008.  This resulted in the Company defaulting on its loan covenants with its existing lender.  Jupiter Bathware turned to Keltic Financial Services for a $3,000,000 revolving line of credit.

Keltic Financial Services has a long history of working with companies like Jupiter Bathware which experience operational or financial challenges and is dedicated to providing more liquidity than banks, freeing up management to focus on successfully achieving their turnaround goals.

Keltic Financial Services’ leadership team met with Jupiter Bathware’s management team to better understand their turnaround plan to restore the company to profitability which included the purchase of certain assets of another company through a Section 363 sale to expand its product offering.  Having decision makers engaged from both companies during the entire process helped to facilitate a swift closing of a revolving line of credit for Jupiter Bathware.  This additional product line has proven to be extremely profitable and resulted in the Company increasing its revolving line of credit with Keltic Financial Services to support its future growth.

“We at Jupiter were extremely pleased with the professional approach employed by Keltic in taking our loan to closing. It was refreshing to deal with people that listened to our viewpoints and reacted in a common sense fashion, rather than posturing for no apparent reason. They were extremely responsive and reasonable from the initial discussion through closing. We are confident we will build a solid relationship with Keltic, and feel as though we have found a financial partner for many years to come.”

Bill Triplett, Chief Financial Officer
Jupiter Bathware, Inc.