Gibraltar Business Capital closed three asset-based loans for a variety of organizations to meet their unique business needs.
Gibraltar first closed an $8 million credit facility with a $15 million accordion for a sponsor-owned snack foods company selling co-branded and private label products to large retail and wholesale chains.
Gibraltar also provided a $4.5 million credit facility to Buse Holdings, a manufacturer of wire and cable harness assemblies and related products. The company needed relief from post-acquisition debt service and liquidity constraints. The funding from Gibraltar, coupled with fresh equity from the ownership group, helped stabilize vendor relationships and got production back on track.
Finally, Gibraltar completed a $1 million line of credit, with a $2.5 million accordion feature, for Pacific StrucFrame, a California-based manufacturer of wood trusses and frames for the residential construction industry. Pacific StrucFrame, as a young company, lacked the funding needed to bolster its growth. However, its owner has a track record in the industry and is breaking out at a time when there is a nationwide housing shortage. The Gibraltar funds will help provide working capital flexibility to ensure company growth.
