Gibraltar Business Capital closed on a $3 million facility to fund a strategic turnaround plan for a national IT consulting firm.
The deal was referred to Gibraltar by a private equity group that owns the company. The client refinanced a previous loan with a new $3 million accounts-receivable-based credit facility from Gibraltar.
Gibraltar’s new client recently undertook a business restructuring plan and shift in their talent sourcing model. The turnaround is expected to reduce labor costs and allow for a more nimble go-to-market strategy. However, the right kind of working capital facility was needed to provide intermediate stability and fund implementation.
Gibraltar’s targeted expertise working with private equity firms was a critical factor in producing this positive outcome — financing that sets the company up to grow successfully and increase in value.