The right lending partner is focused on relationships and how those relationships enable timely, flexible support of an organization’s current and future capital needs. Traditional lending structures are often too restrictive to achieve this goal.
When seeking a more nimble and reliable financing partner to refinance an existing small bank credit facility, Superior Fibers — a West Virginia-based manufacturer of specialty glass filament filtration media — approached Gibraltar Business Capital. The company was seeking a partner to support its long-term growth strategies.
Will Oberholtzer, the Partner responsible for managing the investment for Midwest-based private equity firms High Street Capital and Bridge Street Capital wanted a relationship with a lender with deep expertise and an established track record working with growth-oriented, private equity backed companies.
GBC’s team understood where opportunities existed for the company’s growth and supported Superior Fibers through a $5MM ABL based on accounts receivable and inventory that also included a capital expenditure financing sub-line to fund future equipment purchases. GBC also increased advance rates beyond the rates typically offered and was able to do so with less restrictive initial diligence requirements.
Gibraltar’s Deep Expertise Enables Timely, Reliable Funding
During the initial diligence process to find a new lender, GBC’s team responded with a quick turnaround on a term sheet, involving their senior management in the process early on. The leadership team took an active role in facilitating a flexible structure that met Superior Fibers’ unique borrowing requirements.
Upon being chosen to provide a financing solution, GBC was able to close the transaction within 37 days of the start of due diligence. GBC’s responsive nature and swift diligence process led to a strong relationship being formed between all parties.
“During the entire transaction process, GBC differentiated itself with a deep understanding of Superior Fibers’ financing needs in a short period of time, resulting in a thoughtful proposal to expand borrowing capacity,” said Mr. Oberholtzer “GBC also provided direct access to credit decision makers early on which solidified our trust in them as a reliable financing partner.”