Gibraltar Provides Liquidity to Steel Fabricator Ideal Steel
Ideal Steel needed a financing partner that could provide a flexible structure and improved liquidity as the business looked to transform into a more
Ideal Steel needed a financing partner that could provide a flexible structure and improved liquidity as the business looked to transform into a more streamlined operation and position itself for future growth opportunities. GBC was able to support this goal by providing a USD 5 million ABL without restrictive covenants that also provided flexibility to the company shareholders. GBC provided credit facility supported by advances against accounts receivable, inventory and machinery and equipment. Additional flexibility was provided to the borrower through a no-covenant structure and consideration for company shareholder needs.
Ideal Steel was founded in Eugene in Oregon more than three decades ago, and specializes in the fabrication of steel plates and other parts serving the heavy equipment, material handling and other industrial markets. The company has four locations across the US and serves as a supplier to multiple industries providing contract manufacturing along with services to custom design, reverse engineer, and fully integrate automated systems into specialized machines.