Bibby Financial Services Canada (BFS) provided 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,” BFS Canada President Calum Williamson said in a statement. “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.