Platinum Provides $25 Million Factoring Facility for Construction Firm Buyout
Tuesday, March 18, 2008
Platinum Funding Group has signed an agreement for a $25-million accounts receivable factoring facility with Cumberland Valley Fabricators, Inc. and Waddell Construction, Inc. The facility funded the acquisition of the Virginia-based Waddell by Maryland-based Cumberland, both construction companies. The initial advance was provided against $3.4 million in Cumberland's and Waddell's invoices.
The combined entity has annual revenues near $20 million. The deal was facilitated by Elizabeth Jones, an investment banker who had utilized Platinum's resources in funding Griswold Manufacturing, Inc., an Ohio-based automotive supplier, in January 2007.
"What makes Platinum different is our ability to quickly provide very large advances, and find creative solutions for complicated transactions," said Eyal Levy, founder and CEO of Platinum Funding Group. "This makes us a go-to partner and for investment banks, private equity and venture capital firms at the time when liquidity is becoming increasingly limited."
"Working with Platinum Funding Group was very positive experience," said Elizabeth Jones, chairman and CEO of Gilet Holdings. "Platinum's team worked to understand the unique needs of each individual company and to reach our specific goals. They provided us with quick, straightforward answers and I am confident that they are a group that will work with us to realize the business' full potential."
"Platinum Funding Group has worked diligently in assisting us in all procedures related to our funding," added Kathleen Neff, controller of Cumberland Valley Fabricators, Inc. "They took the time to thoroughly educate us with hands-on training. We have a team that supports our needs and is flexible to work with."
Platinum Funding Group, a factoring company, provides clients with accounts receivable funding, letters of credit, bridge funding, and accounts receivable management.
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