Gibraltar provided a $6 million line of credit based on A/R and inventory to Bentek, a manufacturer of power distribution solutions. The line included a more flexible advance rate structure and provided Bentek with the funding support to manage a project backlog.
Bentek, which is a new sponsor-backed client for Gibraltar, is headquartered in San Jose, CA. The company was founded in 1985 to provide design, manufacturing and logistics services for the semiconductor equipment industry.
In 2009, the company expanded its offerings with the creation of a solar products division. This division produces combiners, recombiners, safety systems, cables, harnesses and accessories for photovoltaic projects.
Bentek receives large orders related to domestic and foreign solar projects. Because of the scale of these orders, the company can experience revenue and cash flow fluctuations that require a stabilizing capital solution.
“The Gibraltar team took the time to understand our unique business and crafted a creative solution that enabled Bentek to continue to grow during these unprecedented times,” Kevin Keenley, managing director of Fundamental Capital and board chair of Bentek, said. “Equally impressive was the speed in which they operated, especially considering the COVID-19 environment. They are great partners.”
