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Bibby Financial Services Provides Financing to United Plastics Group

February 03, 2017, 07:00 AM
Filed Under: Manufacturing

Bibby Financial Services (BFS) announced it was supporting United Plastics Group (UPG), a Houston-based manufacturer of specialized plastic parts, components and complete finished goods to multiple industries, owned by Turnspire Capital Partners, with an asset-based financing facility.

The funding allowed New York-based Turnspire Capital Partners to support its investment in UPG and is secured by inventory, accounts receivable and other balance-sheet assets. BFS has a strong interest in supporting private equity firms by providing funding to support the acquisitions of companies, as they understand the niche needs of this group.

“Our creative funding options, knowledge of the manufacturing space and ability to provide funding against international assets were important to Turnspire Capital Partners. We have known and respected their principals for many years, and are delighted to have been selected by them to provide this credit facility,” said Barry Kastner, Executive Vice President and Head of ABL at Bibby Financial Services. “We hope this will be the start of a growing relationship and look forward to supporting future acquisitions.”

“We appreciate that the BFS team took the time to understand our business goals so they could provide the kind of flexible financing that would allow us to support UPG’s organic and M&A growth down the road,” said Ilya Koffman, Managing Partner of Turnspire Capital Partners. “We expect to have a very successful and productive relationship with BFS thanks to their constructive and patient approach.”

UPG is a manufacturer of complex assembled components for datacenter and other end-use technology in the automotive, healthcare and energy industries. Because of UPG’s international reach and customer base, with UPG’s headquarters in Houston as well as facilities in China and the United Kingdom, BFS’s global financing experience and worldwide network of businesses were key benefits when structuring the financing.

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