Bibby Financial Services Canada closed a combined $12.5 million asset-based lending facility for a group of four companies within one of the country’s largest providers of technology and healthcare benefits.

These companies, which provide software to the Canadian government and private corporations, recently converted an existing factoring product to a new ABL facility. The deal is the largest funding in the Canadian office’s 10-year history.

The companies approached Bibby Financial Services and two other ABL lenders with a need for financing to fuel growth. BFS was selected to provide the funding based on the supportive, long-standing relationship that existed between BFS and a company within the organization. Additionally, BFS offered flexible financing solutions that will give the companies needed working capital as they enter this next phase of expansion.

Bibby Candada has funded more than 750 small and mid-sized businesses in the last decade and provided more than $400 million of funding to businesses last year alone. The addition of asset-based lending to its offering has allowed BFS Canada to expand its reach into an underserved market.

“Bibby Financial Services Canada is committed to collaborating with our clients to create customized funding solutions,” said Ian Watson, chief executive officer of Bibby Financial Services North America. “Our team structured a complex deal using our asset-based lending platform to meet the funding needs for this large, multi-faceted organization. We look forward to working hand-in-hand with the companies to help them thrive and grow.”