Gibraltar Business Capital provided a $5 million credit facility supported by advances against accounts receivable, inventory and machinery and equipment to Ideal Steel. The facility has a no-covenant structure and consideration for company shareholder needs.
Ideal Steel was founded in Eugene, OR, more than three decades ago and specializes in the fabrication of steel plates and other parts serving the heavy equipment, material handling and other industrial markets. The company has four locations across the U.S. and serves as a supplier to multiple industries, providing contract manufacturing along with services to custom design, reverse engineer and fully integrate automated systems into specialized machines.
“The level of diligence the entire team at Gibraltar took to understand our business’ strategic plan gave us the confidence to know GBC was the right partner to help us achieve our short and long-term growth objectives,” Paul Duquette, president of Ideal Steel, said. “We needed a lender that could be patient with our timeline while having the flexibility and expertise to understand future business opportunities.”
