CIBC Bank closed a new asset-based credit facility for Armor Express to enhance the company’s financial flexibility and support growth.
The credit facilities have a 60-month term and provide the company with material additional capital to fund current operations and future growth initiatives, while reducing its cost of capital.
“Over the past two years, following the acquisition and subsequent merger with KDH Defense Systems, we have seen significant growth in our business. While we had the financial resources needed to support our customers and enjoyed a strong working relationship with our former lender, the asset-based credit facility provided by CIBC provides more than twice the borrowing capacity with more favorable terms,” Jim Henderson, president and CEO of Armor Express, said. “With contracts in place with the U.S. Department of Defense, and many new multi-year awards from both federal and domestic law enforcement, improving liquidity and enhancing financial flexibility will help us scale and invest in our business and better support our customers and partners. We look forward to a long and beneficial relationship with CIBC.”
Armor Express is a manufacturer and distributor of body armor systems and related protective solutions.
