Cast Technologies Ramps Up Production With $2.5MM ABL
Gibraltar learns the ins and outs of aluminum and brass castings to partner with foundry Cast Technologies to provide a $2.5 million ABL to ramp up production for a new customer.
Cast Technologies is a third-generation family-owned business that lays claim to being one of the first foundries to successfully pour low-leaded brass castings, as impressive a feat in 1935 as it still is today. Since being founded in 1887, Cast has managed to ride out the cyclical nature of the aluminum and brass castings industry over many decades. But it found itself in a pinch during an industry slowdown that set back revenues and profits. When a new customer came in, Cast needed working capital to ramp up production for the significant additional business.
“Financing had been challenging for us,” said Bill Carman, Cast’s chief financial officer. “We had never gone outside a traditional bank before and were a little apprehensive. But once we got connected with Gibraltar, they were right there, ready to come down and meet with us.”
Cast executives were not only impressed with Gibraltar’s customized asset-based line of credit, but with the efforts the team, led by CEO Scott Winicour, took to learn about the Peoria, Ill.-based company.
“They were interested in our story; where we’ve been and where we were hoping to go,” Carman said, noting that Winicour and team member Agnes Falconer came prepared for their trip to Peoria from Chicago. “They toured the facilities and asked really good questions,” he said. “We really felt they understood our business.”
And what’s different with Gibraltar than Cast’s experience with a traditional banker? “Nothing,” Carman said. “It’s just like they’re our banker down the street. It’s been a fantastic experience and relationship.”