Gibraltar prides itself on longstanding financing partnerships, as demonstrated by its recent collaboration with existing customer Prodigy Health. GBC recently increased its asset-based loan facility to $30MM, further supporting Prodigy Health’s growth.
The national drug distributor will use the increased facility to fund working capital by expanding its inventory of high-demand biopharmaceuticals, enhancing its distribution network, and pursuing technology upgrades essential for its evolving business model. The company is shifting its strategy to support growth under a new contracted business model with higher-turn products that offer more predictable revenue streams. While the company will continue to maintain the legacy hospital consignment business, its customer focus now includes alternate sites of care as well as hospitals.
The initial loan facility enabled a first round of growth in Prodigy Health’s distribution capabilities and product mix, while the expanded facility supports the company’s business model shifts. Prodigy Health also received a significant capital infusion from its sponsor, enhancing liquidity to support its strategic plan.
GBC’s credit team distinguished itself by conducting deep diligence to understand the company’s evolving business needs and model. The financing encompasses asset types frequently excluded by other lenders, demonstrating GBC’s commitment to flexible, tailored financial solutions.
“We are proud to expand our partnership with Gibraltar. The Gibraltar team has continued to invest the time necessary with us and our financial sponsor to understand our new strategic approach,” said Ty Dishman, CEO of Prodigy Health. “They fully understand the unique nuances of our business and the complexity of shifting product strategies.”
Since 2001, Prodigy Health has distributed high-value, specialty biopharmaceuticals to hospitals and hospital-related entities across the U.S., providing 24/7/365 same-day service unavailable from major national competitors.
