Bibby Financial Services US provided $2 million to an Ohio-based manufacturing company and $750,000 to an Indiana staffing firm.
The Ohio company manufacturers desulfation products that extend the life of vehicle batteries. Self-funded since its inception in 2015, the company landed a large ongoing contract with a tier-one supplier located in Sweden and needed external financing. Finding a lender proved challenging as the largest customer was foreign. The client received a quick decision from BFS on a $2 million ABL facility and is now in a position to keep up with its growth plans to expand.
The Indiana staffing business provides supervisor level positions for the construction and maintenance of wind turbines. Its customers are primarily large blue chip companies working on extended payment terms. Until recently, the company was funded by its parent company in the UK. As its finalized a few large contracts that put them on a quick growth trajectory, its secured a factoring facility to keep up with payroll and purchase equipment.
Bibby Financial Services’ other recent deals included:
- $1.85 million to a Canadian oilfield services company
- $1 million to a U.S. staffing companies
- $500,000 to a Canadian transportation businesses
- $250,000 to a New York wholesale/distribution company