Bibby Financial Services Provides $3.5M in Financing to Canadian Waste Management and Industrial Services Company
Mississauga, Ontario – February 28, 2017 - Funding Facility Will Allow Refinancing and Support Business Needs of Large Service Fleet
Bibby Financial Services, Inc. (BFS) today announced a $3.5 million confidential line of financing to a Canadian waste management and industrial services company. The funds will allow the company to refinance existing lines of credit and support its day-to-day needs managing a fleet of more than 65 trucks across several branch locations in Canada. This is the second waste management and environmental cleanup business BFS has funded in the past six months, continuing a trend of recent investments in the industry.
“Each client we support is unique, with its own challenges and requirements. By taking a personalized approach, we developed a customized funding solution that immediately addresses the needs of this fleet-driven company and improves its cash flow,” said Calum Williamson, President of BFS Canada. “Our experience serving a variety of industries across North America, including a large number of businesses serving the manufacturing and industrial sectors, has bolstered our ability to provide flexible commercial financing at every stage of a company’s lifecycle.”
The industrial waste management company serves businesses in multiple industries including airports, garages, oil plants, refineries and other manufacturing companies. The company has nearly a dozen different types of vehicles and serves clients located throughout provinces in Atlantic Canada – operating 24 hours a day, seven days a week. BFS leveraged its international network, including insights from Bibby Transportation Finance colleagues, to create an invoice factoring solution that would support the company’s business strategies today and in the future.
The confidential factoring facility will use current invoices to advance the funding needed to pay short-term obligations, maintain the company’s fleet of service vehicles and support back office needs with BFS’s seamless invoicing and collection services. BFS expects investments in the recycling, waste management and environmental cleanup sectors will continue as the demand for remediation services grows and more companies seek out alternative financing to overcome changes in the market.
BFS provided more than $300 million in financing in 2016 to 250 Canadian companies and has a long history of serving small and medium-sized enterprises (SMEs) in virtually every sector. As a leading commercial finance firm with offices in Montreal and Ontario, BFS is committed to building personal relationships with its clients and tailoring funding solutions so each client receives the expert guidance needed to support future business strategies.
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.