When approaching a new deal, nFusion Capital gets involved right away and attempts to find the best solution for a client’s needs. This made it an attractive company to Dan Glick, principal of Glick Financial Solutions, who was the referral source for an nFusion deal with Performance Energy Services, a Colorado-based energy services construction contractor.

“It was apparent we would not generate enough availability to close this deal with any of the other prospective [lenders] we were speaking to within the first week and a half of bringing this deal to market,” Glick says. “It was very clear to me that nFusion would be the right funding source for this deal.”

In 2023, Performance Energy needed additional working capital to continue executing its growth plan after beginning to recover following revenue losses during the first few years of the COVID-19 pandemic. However, when its bank lender was purchased by another bank amid the run of bank failures this past spring, the lender opted to phase out construction clients and refused an extension for Performance Energy.

nFusion stepped in, advancing against unbilled accounts receivable to generate greater borrowing availability under the credit facility. nFusion also allowed for greater sales concentration risk, up to 60% from its typical 20% to 25%, and closed a $4 million asset-based line of credit for the company.

“There were a lot of moving parts that all needed to come together very quickly. We ultimately took a leap of faith on a couple of unresolved matters that we were promised would get resolved quickly and funded a deal at 9:30 a.m. on a Friday,” Jesse Baer, senior vice president of nFusion Capital, says. “If it had gotten to 10 a.m., the company wouldn’t have existed anymore.”

nFusion was comfortable closing in such a tight window because of its approach based on meeting borrower needs rather than focusing on minimizing risk.

“It really was [a matter of] spending hours talking to them and understanding what the business is,” Rachel Samuelson, senior vice president and portfolio manager of nFusion Capital, says. The deal closed just in time to facilitate payroll for more than 200 employees, as well as the pay-off of existing lenders, preventing Performance Energy from closing just as it was turning the corner into a new expansion phase.

“They understand the risk in the construction space and so that’s why it was a fit for us,” Joe Hettinger, founder of Performance Energy Services, says. “It took a little bit of faith that these jobs [in the backlog] were actually going to start and they definitely took a chance on us. We are really grateful for the relationship and the opportunity.”

Betting on a company it believes in is nothing new for nFusion, which uses its relationship-based approach to ensure it is being smart whenever it rolls the dice.

“Every deal is unique. Everyone has a story, and there are a lot of ways to roll up our sleeves in a pretty tight time crunch — almost always — and get something done that actually solves people’s problems,” Baer says.