Daily News: March 18, 2013

Gibraltar Closes $6.25MM in Transactions

Gibraltar Business Capital said it recently closed three transactions totaling $6.25 million.

GBC closed on a $4.5 million asset-based line of credit for a company that provides international mail services to commercial businesses of all sizes. Services include providing a choice of cross border carriers, customs management, payment services on behalf of the client, and package tracking from origination to destination. The credit facility was structured to support the private equity backed-acquisition of this division from Pitney Bowes.

GBC also closed on a $1 million asset-based line of credit to a IL-based manufacturer of package test and product reliability test equipment. The company’s access to working capital was being constrained under its previous borrowing arrangement which was restricting growth. GBC’s facility will provide much needed liquidity to support future growth.

In addition, GBC closed on a $750,000 asset-based line of credit to an IL-based manufacturer of close tolerance shafts used in a variety of applications, most notably for drills and handheld power tools. The company had been supported by key customers in recent periods and needed to find a new lender to provide working capital; GBC was able to create a borrowing base to meet its needs.