Bibby Financial Services provided a $10 million asset-based lending facility to an oil and gas industry client that manufactures and distributes products used for hydraulic fracturing and other well-related products.
This accounts receivable and inventory based financing comes at a time when the client is experiencing rapid growth.
Prior to working with BFS, the business used to finance their operations through a credit line provided by their regional bank. However, the bank funding became insufficient once the company began to experience rapid growth. The business began looking for a financer that could support their growth and adapt as their funding requirements evolve.
Bibby provided the flexibility the business needed, allowing the business to capitalize on growth opportunities and return any outstanding shareholder debt.
“Our in-depth knowledge of the challenges and opportunities of manufacturers played an important role in our ability to meet the client’s needs,” said Ian Watson, CEO of BFS North America. “For this client, we took into account the business’s unique requirements and ambitions to develop the ABL solution for them. This is what sets BFS apart from traditional one-size-fits-all financing.”
Established in 2001, Bibby Financial Services is an independent financial services partner to more than 10,900 businesses, providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover. It provides asset-based lending and factoring solutions though over 40 operations in 14 countries spanning 3 continents.
