Gibraltar Business Capital provided a $5 million asset-based loan based on accounts receivable and inventory to Superior Fibers. The ABL also included a capital expenditure financing sub-line to fund future equipment purchases.
When seeking a financing partner to refinance an existing small bank credit facility, Superior Fibers — a West Virginia-based manufacturer of specialty glass filament filtration media — approached Gibraltar Business Capital.
Will Oberholtzer, the partner responsible for managing Midwest-based private equity firms High Street Capital and Bridge Street Capital’s investment in Superior Fibers, wanted a relationship with a lender with deep expertise and an established track record working with growth-oriented, private equity backed companies.
During the initial diligence process to find a new lender, Gibraltar Business Capital’s team responded with a quick turnaround on a term sheet, involving its senior management in the process early on. The leadership team took an active role in facilitating a flexible structure that met Superior Fibers’ unique borrowing requirements.
Upon being chosen to provide a financing solution, Gibraltar Business Capital closed the transaction within 37 days of the start of due diligence.
“During the entire transaction process, GBC differentiated itself with a deep understanding of Superior Fibers’ financing needs in a short period of time, resulting in a thoughtful proposal to expand borrowing capacity,” Oberholtzer said. “GBC also provided direct access to credit decision makers early on, which solidified our trust in them as a reliable financing partner.”
