Throughout the year, we’ve featured unique deal types and use cases ranging from speed to close and finding solutions to challenging situations, to using unconventional assets to finance working capital. Gibraltar prides itself on our flexibility and ability to find creative financing solutions in almost any situation.
We are pleased to recap some of the deals closed in the first six months of the year that helped us reach $150 million in total commitments for the first time in our company history:
- Gibraltar closed a $6 million credit facility with Dickinson Press, a Grand Rapids, Mich.-based printer of books and other materials. With its initial funding, Dickinson was able to repay funds used to acquire another bindery operation that will allow it to better serve its existing customer base as well as attract new clients.
- A sponsor-owned company that provides reprocessing solutions for industrial manufacturing fluids needed additional working capital to support growth and new ventures. After its equity owner expanded its capabilities through new acquisitions, Gibraltar refinanced and expanded the company’s revolving working capital access with a $3.5 million line of credit
- In just 32 days, Gibraltar closed an $8 million credit facility with an accordion option to increase the facility to $15 million for a sponsor-owned snack foods company selling co-branded and private label products to large retail and wholesale chains.
- In Bridgeton, Mo., Buse Holdings LLC, a manufacturer of wire and cable harness assemblies and related products, needed relief from post-acquisition debt service and liquidity constraints. An initial funding under a $4.5 million credit facility from Gibraltar, coupled with fresh equity from the ownership group, are stabilizing vendor relationships and getting production back on track.
- Pacific StrucFrame LLC, a California-based manufacturer of wood trusses and frames for the residential construction industry, lacked the funding needed to bolster its growth. Though the company is young, the owner has a track record in the industry and is breaking out at a time when there is a nationwide housing shortage. Their new $1 million line of credit, expandable to $2.5 million via an accordion, will help provide additional working capital flexibility to ensure company growth.
- Gibraltar renewed its relationship with Direct Communication Solutions (DCS), with a new $1 million accounts receivable credit facility to help the machine-to-machine provider of wireless services and products transition into higher-margin products. DCS, a San Diego based maker of embedded modules, routers, and GPS systems, needed financing to help it stay ahead of commoditization.
Looking back at the strong start to our year, we are excited about what is still to come in 2018.