Millard Lumber Inc. – $16MM Refinance

Gibraltar steps up to meet Millard Lumber’s ongoing and growing need for expanded lending capacity.



Millard Lumber, an Omaha-based top value-added distributor of lumber and other building products, experienced strong sales growth, creating a need for expanded credit. In addition, in order to gain cost efficiencies, Millard Lumber needed expanded lending capacity on its working capital assets.

At the request of Charter Hill Partners, a Nebraska boutique investment bank engaged by Millard Lumber, Gibraltar assisted with refinancing. The initial deal was an ideal fit for our asset-based lending product, and we quickly closed on the $12 million revolving credit facility. The custom structure included increased advance rates on accounts receivable and inventory, which were designed to free up additional debt capacity and help Millard meet growing working capital needs.

Not long after close, Millard experienced tremendous further growth in sales and required another round of additional working capital to support its needs. Once again, Gibraltar responded to support our client’s needs, with an expansion of the facility from $12MM to $16MM.

This example demonstrates how Gibraltar is able to quickly respond and grow with the dynamic needs of our clients. Through flexible advance rate structures, we are also often able to provide greater liquidity than the competition in these rapid growth situations.