Gibraltar Business Capital (GBC) recently provided Formetco, a developer of digital and hardware products, with a $15 million revolving line of credit facility to facilitate its growth plans. The facility is secured primarily by accounts receivable, inventory and some equipment. GBC structured the facility to provide additional flexibility to Formetco’s shareholders as the company grows.
GBC has supported the company during multiple transitions from restrictive bank financing agreements and related covenants that hindered its growth plans. The company is now renewing its partnership with GBC.
“We’re grateful to reconnect with Gibraltar Business Capital and continue the strong partnership we’ve built over the years,” Matt Xander, president and CEO of Formetco, said. “Their deep understanding of our business and flexible ABL solutions make them a trusted, go-to partner as we expand our market presence.”
