Daily News: March 8, 2019

Bibby Provides $15MM in Funding to 8 Clients During Winter 2019


Bibby Financial Services closed $15 million in funding transactions over the course of winter 2019.

Below are summaries of each transaction:

  • $250,000 in funding for Florida transportation company

The company specializes in expedited deliveries. Fast growth in freight volumes coupled with long payment terms from customers had put a strain on the company’s cash flow. In need of liquidity, the company turned to BFS who promptly conducted a credit review and expedited the approval process – the client was funded within the week. The facility has enabled the client to hire more drivers and expand its operations.

  • $10 million ABL line to California manufacturing company

The company develops, markets and distributes premium vitamins and supplements. It chose BFS due to its quick turnaround and excellent customer service. BFS was already funding the client through a factoring facility, but as the business grew and its needs changed, moving it to an ABL line was the natural thing to do. The funding will allow the client to pay down debt and further grow its sales.

  • $1.25 million factoring facility for California wholesale/distribution company

The company is a U.S. subsidiary of a licensing promotional product wholesaler and distributor headquartered in the UK. The client needed additional working capital to provide liquidity that would support the business’ Stateside operations. Their biggest challenge is seasonality, as the business experiences an increase in requests for merchandise before film and video game promotions, then order requests slow down in the months after release. The $1.25M factoring facility bridged the gap between those periods and enabled the client to expand its sales team needed to grow the business.

  • $250,000 in funding for Texas trucking startup

The company’s principal owners that have several years of experience in the trucking sector. Already familiar with factoring, their focus was on finding the right funder for their business. BFS allowed them to consolidate several debtors with varying quick payment options and run all accounts receivable through BFS for processing and funding. The company can now focus on increasing its freight volume and adding capacity by way of additional owner-operators. This resulted in steady and quick growth with a seamless infusion of cash flow and great customer service.

  • $1.85 million in funding to a Toronto agricultural company

BFS had been engaged with the grain hauler whose previous factoring company, located in the US, could no longer support the business once it began harvesting grain. The lender ceased funding due to unwanted risks associated with US federal agriculture regulations which require that the suppliers to a borrower are paid in full first. BFS bought out the lender and worked through multiple subordination agreements with the client’s equipment lenders. The working capital from BFS will cover the upfront costs associated with harvesting and hauling grain.

  • $750,000 in funding for Toronto transportation company

The business has 11 reefer trucks and 15 trailers that haul loads in Canada and the U.S. The company’s owners were already using factoring but had become unhappy with the service provided by their funder. They contacted BFS and were pleased with the proposal which included additional services and back office support. With the new facility, the client will be able to expand operations and grow the business.

  • $400,000 to Toronto transportation company

The company transports new and used luxury vehicles from major car dealerships throughout Canada and the U.S. The owners were working with a different factoring company but wanted better pricing and service. With financing from BFS, the company has been able to lease additional trucks to keep up with demand and serve more customers.

  • $250,000 in funding for Quebec transportation company

The business operates four trucks and needed additional working capital to support its operations. The company’s dispatcher recommended BFS based on his experience working with their staff. BFS was able to provide the funding for day to day operations.