NEW YORK — First Citizens Bank announced that its Asset-Based Lending business upsized a revolving credit facility for D.P. Nicoli to $50 million.
D.P. Nicoli, a provider of steel plate and trench shoring rental equipment in the Pacific Northwest, Northern California, Idaho and Utah, intends to use this capital to fund growth and expansion, as well as working capital needs.
“We appreciated the expertise and agility of First Citizens Bank’s Asset-Based Lending team in arranging this expanded credit facility,” said David P. Nicoli, the founder and chief executive offer of D.P. Nicoli. “Our business is poised for growth, as demonstrated by our recent expansion into Salt Lake City. We continue to work strategically with institutions like First Citizens Bank, which has supported us for over three years now. In furthering our continued growth and success, D.P. Nicoli received additional support from Cyprium Investment Partners through a subordinated facility and Paralign Capital Partners providing structured equity and corporate financial advisory services.
“We are pleased to provide this new commitment to D.P. Nicoli as they continue to be a leading provider in equipment that is essential to safe and effective construction below ground level,” said Chris Esposito, managing director and group head for Asset Based Lending at First Citizens Bank. “Our work with D.P. Nicoli reflects our client-centric focus and long-term thinking that helps clients reach their business objectives.”
First Citizens Asset-Based Lending, part of the company’s Commercial Finance group, meets clients’ working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
