Bibby Financial Services Funds Snack Company with $2M Factoring Facility
ATLANTA, GA - July 21, 2016 - Factoring Facility with Inventory Loan Enables California-Based Company to Expand Distribution
Bibby Financial Services (BFS) announces the provision of a $2 million accounts receivable and inventory facility to a California-based fruit snack business. The snack producer owns its supply chain from start to finish and is highly regarded for its deep relationships with the farmers who harvest fruits and vegetables for its signature products. The company will use the funding to support expanded nationwide distribution resulting from increased demand for its products.
Additionally, the BFS funding allowed the company to split from its international parent company, a move that will better support an enhanced growth strategy. The facility is adaptable with room for expansion as the company continues to mature. Funding comes at an ideal time as more consumers turn to healthy snack alternatives. According to industry analyst firm IRI, Americans have increased their snacking habits by 67 percent over the past five years. Additionally, 57 percent of consumers are supplementing their diets with more natural and fresh food options, up from 55 percent reported three years ago, according to Nielsen report. The increase indicates that Americans are paying more attention to their health and the types of snacks they consume.
“While the natural food industry is robust and experiencing strong growth, traditional bank funding is still not a viable option for many companies in this market,” says Ian Watson, Bibby Financial Services’ Chief Executive Officer, North America. “We pride ourselves in providing customizable and flexible funding options to companies that span a diverse range of industries and sizes.”
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,250 businesses worldwide providing more than $11.6 billion in funding 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 or www.bibbycanada.ca.