Gibraltar Business Capital appointed Jim Marasco, a senior executive leader with an extensive tenure at Wells Fargo Capital Finance, to its board of directors.
Gibraltar Business Capital added Taylor Kennedy as a vice president for its business development team. Based out of Dallas, Kennedy will manage the Southwest region for Gibraltar and will report to Mike Conrad, who was recently promoted to a team leader role.
The COVID-19 pandemic is historically unprecedented, but its effects on the financial world are not wholly unique. Hugh Larratt-Smith uses the turn of the 20th century as a historical parallel and speaks with several prominent members of the asset-based lending community to get their thoughts on how the market will develop during the second half of 2021 as the pandemic (hopefully) recedes.
Gibraltar Business Capital expanded its financing partnership with Bank of America through a new $150 million line of credit. Bank of America facilitated the new senior line of credit as the agent. Truist Bank and People’s United Bank are also participants in the deal.
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.
Gibraltar Business Capital provided $20 million in acquisition financing to support CriticalPoint Capital’s acquisition of substantially all of the assets of the farm supply distribution division from Southern States Cooperative. CriticalPoint Capital rebranded the newly acquired division Agway Farm & Home.
Gibraltar Business Capital provided a growth-enabling credit facility to Clearon Corp., a manufacturer of chlorinated dry bleach used in an array of applications, including water treatment, disinfection and sanitization.
Gibraltar Business Capital provided a $7.5 million asset-based loan to Willamette Falls Paper Company, an Oregon-based independent manufacturer that utilizes sustainable and recycled fiber sources to produce coated freesheet, offset, envelope, packaging and specialty papers.
Asset-based lender Gibraltar Business Capital closed 12 transactions and $130.5 million in new commitments in the past nine months since COVID-19 was declared a pandemic.
Gibraltar Business Capital provided a $5.5 million asset-based loan to Spokane Industries, a Washington-based manufacturer specializing in steel castings and metal products.