Bibby Financial Services (BFS) announced it is supporting renowned arts and crafts manufacturer Chameleon Art Products with a $750K factoring facility which will enable the company to align its U.S. business with the growth opportunities it has seen in the region. The funding was provided in conjunction with a £400K funding line advanced to Chameleon’s U.K. business by Bibby Financial Services in the U.K. BFS’s international capabilities and flexible, customizable factoring solution allow the client to access a larger sum of working capital across its global operation while providing an in-house team of currency and language specialists who can help the company focus on its international footprint and product development plans.
With Chameleon’s goods manufactured in China and distributed around the world, their growth and the demands from customers for lengthening credit by up to 90 days in some cases put a strain on working capital. After determining the traditional loan structures of bank financing would not be able to fulfill the company’s unique needs, Chameleon turned to BFS for a customized alternative which included funding lines in both the U.S. and the U.K.
“We were extremely impressed by BFS’s expertise in helping growing businesses. Chameleon aims to inspire, encourage and engage every artist, crafter and creative through innovations in color and with BFS’s financial support, we will continue build on and support our customers around the world
,” said Mark Ingram, Chameleon’s Financial Director.
“Chameleon is a dynamic company set for rapid growth. As a global financial services company with expertise in helping growing businesses, our U.S. and U.K. teams saw immediately how we could step in to support that growth. Working together, we were able to offer Chameleon a solution which would address the complexities of delivering its product overseas while supporting operational business needs in both countries. Our approach is something many traditional lenders cannot offer due to the regulatory stipulations that often secure their products, but this works out to be a true advantage for our clients
,” said Daniel Rodrigue, National Head of Sales for the U.S. market.
Established in 2012, Chameleon manufacturers arts and crafts products which are exported to more than 70 countries and sold by art supply and retail stores. Launched via crowdfunding, Chameleon’s patented family of art products is totally unique. Within minutes, using their tools you can create depth, dimension, gradients, highlights, shading and shadows, that in the past, would only have only been possible with an extensive range of art materials.
About Chameleon Art Products
Formed in 2012, Chameleon Art Products is comprised of the same visionary team that is recognized worldwide for bringing high quality, creative pen products to the market for over 20 years. The company prides itself on developing real innovation that enhances the end user’s ability to maximize creativity in all aspects of their artwork.
The company is proud to introduce its Chameleon™ Color Tones pens. This unique and easily controlled system changes the color tone of the ink in each pen from a hint of a tint to its pure color, creating highlights, shading, seamless gradations and blending effects.
Previewed at the Craft & Hobby Association (CHA) 2014 Mega Show, Chameleon Color Tones Pens was a winner in the prestigious “Hot 20 Awards” for product innovation.
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,250 businesses worldwide providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover globally. With over 44 operations in 13 countries spanning Europe, North America and Asia, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services North America has seven offices in the U.S. and Canada that support businesses in virtually any industry. We hold memberships in the Commercial Finance Association, the International Factoring Association, and the American Finance Association. Bibby Financial Services is part of Bibby Line Group (BLG), a diverse and forward-looking family business with over 200 years’ experience of providing personal, responsive and flexible customer solutions. To find out more about Bibby USA and Bibby Canada, please visit www.bibbyusa.com