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Gibraltar Provides $5MM Asset-based Loan to Steel Fabricator

April 06, 2021, 06:00 AM
Filed Under: Steel

Ideal Steel needed a financing partner that could provide a flexible structure and improved liquidity as the business looked to transform into a more streamlined operation and position itself for future growth opportunities. GBC was able to support this goal by providing a $5MM ABL without restrictive covenants that also provided flexibility to the company shareholders.

Ideal Steel was founded in Eugene, Oregon 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.

GBC provided a $5MM credit facility supported by advances against accounts receivable, inventory and machinery and equipment. Additional flexibility was provided to the borrower through a no-covenant structure and consideration for company shareholder needs.

“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,” said Paul Duquette, President of Ideal Steel. “We needed a lender that could be patient with our timeline, while having the flexibility and expertise to understand future business opportunities.”

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