Industrial Value Partners Chose Gibraltar for Their Newest Venture
Industrial Value Partners (IVP) is a private equity firm focused on the textiles industry.
According to IVP partner Rod Grandy, “We are active owner/operators who are heavily involved in the management of the firms we purchase. We have a specific game plan in mind when we buy companies and we take an active role strategically and operationally in making that plan work.”
Challenge #1 — Digging Deep for the Right Deal We Can Make Work
Grandy has been involved in PE firms and raising money since 1996 and has served in numerous senior positions including CEO and CFO roles. He points out that one of the challenges for IVP is finding realistically viable deals. Grandy and his partners know how important it is to have other professionals to help them implement their game plan. IVP recently chose Gibraltar Business Capital to assist in the turnaround of a manufacturer of braided, knitted, and woven narrow fabrics that go into the production of shoe laces, bungee cords, medical elastic masks, hose tape, and military webbings.
Challenge #2 — Finding Financing Professionals with the Same Depth of Focus
In the case of this deal, IVP needed to find financing for their new acquisition that combined liquidity with a high level of flexibility. Grandy had dealt with asset-based lenders (ABLs) throughout his career because of their ability to look at each situation individually and customize their service to the needs of businesses in transition. He was very familiar with how the process works and who the players are in the industry.
In a recent interview, Grandy answered questions about why the partnership between IVP and Gibraltar worked.
Q: What do you believe is the most important thing when selecting an asset-based lender?
A: Speed and doing what they say they’re going to do.
Q: What drew you most strongly to Gibraltar?
A: We liked that they are like-minded. They look past the superficial and dig deep to uncover the potential for growth. Also, they move fast and don’t waste your time.
Q: How did GBC specifically help you and your company’s situation?
A: They provided the liquidity and flexibility we needed. We even chose them over a less expensive bank-regulated option because of that additional liquidity and flexibility. That kind of financial support maximized our options.
Q: What quality do you think differentiates Gibraltar from other ABLs?
A: Their speed to close and certainty of close. Also, I found Gibraltar to be more entrepreneurial than other ABLs.
Q: What other things stand out for you about your experience working with the Gibraltar team?
A: They have a great team overall, from Sales to Credit to Service, and very accessible senior management.