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Bibby Financial Services Canada Provides $12.5MM ABL Facility to Leading Healthcare Benefits Company

July 19, 2016, 07:39 AM
Filed Under: Healthcare

Bibby Financial Services Canada (BFS) announced a combined $12.5 million asset-based lending facility to a group of four companies within one of the country’s largest providers of technology and healthcare benefits. These companies, which offer skilled IT to the Canadian government and private corporations, recently converted an existing factoring product to a new ABL facility. The deal is the largest funding in the Canadian office’s ten-year history.
The companies approached Bibby Financial Services and two other ABL lenders with a need for financing to fuel growth. BFS was selected to provide the funding based on the supportive, long-standing relationship that existed between BFS and a company within the organization. Additionally, BFS offered flexible financing solutions that will give the companies needed working capital as they enter this next phase of expansion.

Since entering the Canadian market ten years ago, Bibby Financial Services has grown from three to 28 staff members and more than 200 clients. The company has funded more than 750 small and mid-sized businesses in the last decade and provided more than $400 million of funding to businesses last year alone. The addition of asset-based lending to its offering has allowed BFS Canada to expand its reach into an underserved market.

“Bibby Financial Services Canada is committed to collaborating with our clients to create customized funding solutions,” said Ian Watson, Chief Executive Officer of Bibby Financial Services North America. “Our team structured a complex deal using our asset-based lending platform to meet the funding needs for this large, multi-faceted organization. We look forward to working hand-in-hand with the companies to help them thrive and grow.”

Bibby Financial Services is a leading independent financial services partner to more than 9,500 businesses worldwide providing more than $1 billion in funding globally. With over 40 operations in 14 countries spanning Europe, North America and Asia, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services North America has seven offices in the U.S. and Canada that support businesses in virtually any industry.

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