Daily News: December 17, 2014

Gibraltar Closes $7MM in November Financings

Gibraltar Business Capital announced it closed four transactions in November totaling $7 million.

Personal exercise products: $2.5 million

Gibraltar partnered with this Illinois-based designer and distributor of handheld exercise equipment and accessories to provide crucial, quick-turnaround working capital. Backed by RLJ Credit Opportunity Fund, the company required immediate cash-flow to support a significant increase in demand for its personal exercise products. Gibraltar was able to secure a $2.5 million factoring line of credit for the business in six business days.

LED lighting: $2 million

Capitalizing on the industry shift to and consumer preference for energy-efficient LED lighting, this Utah-based business needed access to more capital to service a sizeable new customer. Gibraltar packaged a $2 million factoring line of credit to help the lighting distributor fulfill new orders and position the business for future growth.

Safety inflatables: $1.5 million

The leading U.S. manufacturer of inflatable boats and life rafts, as well as other safety equipment, this South Carolina-based business needed a fresh infusion of capital. After acquisition by OpenGate Capital two years ago, the inflatables manufacturer wanted to replace its factoring facility with a more flexible asset based line of credit. Completing our second transaction with OpenGate this year, Gibraltar established a $1.5 million asset-based line of credit comprised of advances against A/R and inventory to support the company’s growing demand.

Supplements & self-help services: $1 million

This California company, owned by Transom Capital, provides nutraceutical supplements and self-help courses to treat anxiety and stress. During the company’s operational turnaround, Transom inquired about a more flexible financial structure to support active management of expected sales growth in 2015. Gibraltar secured a $1 million asset-based line of credit to help this consumer products company move on to the next stage of business.