Bibby Financial Services Supports Acquisition With A/R Facility
Monday, November 23, 2009
Bibby Financial Services said it provided a $750,000 accounts receivable financing facility to a Chicago-based manufacturer of personal care products such as shampoos, conditioner, and lotions, as well as over-the-counter pharmaceuticals including hand sanitizers and liquid soaps, industrial products and cleaning supplies. The funds were used to cover cash-flow gaps in connection with the acquisition of the assets of another company.
"The ongoing, severe economic slowdown is forcing consolidation in a number of industries, as companies band together to preserve their businesses and achieve the cost cutting that can occur through economies of scale, while they continue to service their customers," Bibby Financial Services EVP Bob Jaskiewicz said. "Bibby Financial Services has been able to provide financing assistance in many of these cases by advancing funds against outstanding invoices so that companies have enough money to meet their financial obligations while they continue to grow."
Bibby Financial Services is a specialist of business cash-flow solutions to small- and medium-sized enterprises.
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