East West Bank announced that it served as Lead Bank and Administrative Agent for a three-year, $50 million fully conforming ABL revolving line of credit. iGPS Logistics LLC used the facility to refinance its previously existing debt and fund the Company’s working capital and capital expenditure needs (primarily growth of its pallet fleet). Headquartered in Orlando, FL, iGPS Logistics LLC is the leading plastic pallet pooling company in North America. iGPS Logistics LLC provides information technology and logistics systems. The Company offers services for pallet ordering, inventory management, invoicing, and pallet return-reprocessing. iGPS Logistics markets to businesses throughout the United States.
“Our deal team worked closely with management at iGPS and the equity owners at Balmoral to ensure a timely and seamless closure. Both management and Balmoral were a pleasure to work with on the transaction and were true partners in every sense of the word” said Martin Valencia, Senior Vice President for East West Bank’s Asset Based Finance Group.
“Martin and his team at East West Bank were thoughtful about recognizing: the value of the assets, a new and improved pallet, an excellent service offering to the retail supply chain, the growth that the company has achieved, the exciting trajectory going forward and the quality of the iGPS management team that has achieve this success. We knew that the deal was as good as done when they committed to it, which they did within our timing expectations. We look forward to working with them and the supportive syndicate they have arranged to achieve growth.” said Robin Nourmand, director of Balmoral and a member of the board of directors of iGPS.