Bibby Financial Services Provides Financing to United Plastics Group
ATLANTA – February 2, 2017 – Revolving Line of Credit Facilitates the Execution of the Business Plan Following Last Year's Acquisition by Turnspire Capital Partners
Bibby Financial Services (BFS) announced today it was supporting United Plastics Group (UPG), a Houston-based manufacturer of specialized plastic parts, components and complete finished goods to multiple industries, owned by Turnspire Capital Partners, with an asset-based financing facility.
The funding allowed New York-based Turnspire Capital Partners to support its investment in UPG and is secured by inventory, accounts receivable and other balance-sheet assets. BFS has a strong interest in supporting private equity firms by providing funding to support the acquisitions of companies, as they understand the niche needs of this group.
“Our creative funding options, knowledge of the manufacturing space and ability to provide funding against international assets were important to Turnspire Capital Partners. We have known and respected their principals for many years, and are delighted to have been selected by them to provide this credit facility,” said Barry Kastner, Executive Vice President and Head of ABL at Bibby Financial Services. “We hope this will be the start of a growing relationship and look forward to supporting future acquisitions.”
“We appreciate that the BFS team took the time to understand our business goals so they could provide the kind of flexible financing that would allow us to support UPG’s organic and M&A growth down the road,” said Ilya Koffman, Managing Partner of Turnspire Capital Partners. “We expect to have a very successful and productive relationship with BFS thanks to their constructive and patient approach.”
UPG is a manufacturer of complex assembled components for datacenter and other end-use technology in the automotive, healthcare and energy industries. Because of UPG’s international reach and customer base, with UPG’s headquarters in Houston as well as facilities in China and the United Kingdom, BFS’s global financing experience and worldwide network of businesses were key benefits when structuring the financing.
BFS provides unique funding solutions to support small and medium-sized enterprises (SMEs) in virtually every industry. With seven locations across the U.S. and Canada, BFS has more than 15 years of experience in North America and is supported by a global network of commercial finance experts with unique specializations and industry expertise.
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 or www.bibbycanada.ca.