Large Scale Orders Offer Opportunity…
Headquartered in San Jose, CA, Bentek is a manufacturer of power distribution solutions. The company was founded in 1985 to provide comprehensive design, manufacturing, and logistics services for the semiconductor equipment industry. Bentek continues today to design and manufacture electromechanical and power distribution solutions for high-tech and industrial markets. In 2009, the company expanded its offerings with the creation of a Solar Products division. This division produces combiners, recombiners, safety systems, cables, harnesses, and accessories for a wide range of photovoltaic projects.
Bentek receives large orders related to domestic and foreign solar projects. Because of the scale of these orders, the company can experience revenue and cash flow fluctuations that require a stabilizing capital solution.
Prior to working with Gibraltar, Bentek had the opportunity to work with other lenders, but found Gibraltar to be the most flexible and understanding of their needs. They engaged in discussions with Gibraltar, which ultimately led to a $6 million line of credit based on A/R and Inventory.
Kevin Keenley, Managing Director, Fundamental Capital and Board Chair, Bentek shared, “The Gibraltar team took the time to understand our unique business and crafted a creative solution that enabled Bentek to continue to grow during these unprecedented times. Equally impressive was the speed in which they operated, especially considering the COVID-19 environment. They are great partners.”
Core Values Are the Foundation of Our Service
In a recent interview, Gibraltar’s Head of Sales, Anthony DiChiara, had words of praise for the team involved in this transaction.
Q: Why did Bentek come to Gibraltar after originally selecting another company for their lending?
A: Scott Shapiro, SVP in our West Region, remained diligent in staying in touch with Bentek to make sure they got what they needed. Like our entire ABL group, Scott is really committed to helping companies with their financing. When uncertainties about which direction to head with the financing request arose with Bentek, Scott set up a call with the sponsor and Gibraltar’s credit committee members to discuss options. Most importantly, he was able to assure the sponsor that we would deliver on what we proposed. We’re proud to have a reputation for reliability and delivering on our promises; it’s important to us.
Q: How did the timeline on the transaction run?
A: On the Gibraltar team, Stan Scott, who led the underwriting, did a tremendous job diving in and moving the transaction rapidly through the closing process, particularly given the environment everyone began to operate in with COVID-19. Closing the loan with no delays was a truly remarkable feat in the current environment.
Q: What do you think were the most important factors in developing this new relationship?
A: I personally believe that our core values (Reliable, Authentic, Thoughtful) were critical in our ability to reassure and satisfy this borrower, and we look forward to serving them effectively for years to come.