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Bibby Financial Services Announces Recently Closed Transactions

June 06, 2019, 08:45 AM
Filed Under: Manufacturing

Bibby Financial Services recently closed more than $10 million in funding in six transactions in the U.S. and Canada.

Bibby Financial Services (BFS) extended $7.5 million to a health food manufacturer and distributor. When the company came to BFS, they were making a significant loss and going through a turnaround process. With the backing of a private equity firm, the company is focusing on rapidly growing its top-line revenue and building its distribution network with major US retailers. When a business is making a loss, banks and many alternative financers don’t feel comfortable lending. BFS’ willingness to see the potential and support the fast growth of the client is what made the deal possible.

Separately, BFS provided $3 million in working capital to an international staffing company that places contractors with green energy suppliers. The company chose BFS because its existing European bank was unwilling to fund US operations. BFS was able to provide the flexibility the business was searching for through Non-Notification (Confidential) Factoring.

The company also closed $1.75 million in working capital for a wastewater reduction and lighting solutions manufacturer that caters mostly to the oil and gas industry. The company was looking for funding as their previous lender decided to cut back their exposure to the Oilfield Services sector. The BFS facility will allow the business to continue its growth across North America.

In three other transactions, BFS provided:

  • A $1 million CAD facility to a company that imports and distributes HVAC equipment. The company was recently purchased by a private equity fund which repaid the bank and sought a simple solution to provide quick cash flow. BFS provided the business with a Non-Notification (Confidential) Factoring facility, which allowed them to eliminate their bank reporting requirements and have the quick funding turnaround that they required.
  • $750,000 in funding to a Michigan transportation company that specializes in wide load transporting. The client was using another factor before switching to BFS at the recommendation of their banker because BFS had the capacity to handle the business’s growth. The $750K facility has enabled the client to save money, invest in the business and expand operations.
  • $250,000 to a staffing company in Ontario that specializes in providing security services for mining businesses. The company was started less than a year ago and was initially self-financed. But, with customers paying on average 15 days late after in the invoice due date, the owner of the business required funding in order to grow. With BFS funding, they are now able to take on new contracts, hire additional employees and ensure that salaries are paid on time.

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