Formetco, founded in 1968 and headquartered in Duluth, GA, is an innovative developer of digital and hardware products for the outdoor advertising industry and a market leader in designing, manufacturing, and installing LED digital billboards, legacy bulletin, and tri-face billboards. Formetco Sports, a business unit of Formetco, is a market leader in designing, manufacturing, and installing digital LED displays and other products that enhance the game day experience for High Schools, Colleges, and Professional Sports venues across the United States. In 2024, to accommodate its rapid growth, the company invested in an expansion by opening a 175,000-square-foot digital manufacturing facility in Suwanee, GA.
Gibraltar Business Capital (GBC) recently provided Formetco with a $15MM revolving line of credit facility to facilitate its growth plans. The facility is secured primarily by A/R, inventory, and some equipment. GBC structured the facility to provide additional flexibility to Formetco’s shareholders as the company grows.
This facility marks a new chapter in GBC’s long-standing relationship with Formetco. Gibraltar has supported the company during multiple transitions from restrictive bank financing agreements and related covenants that hindered its growth plans to GBC’s flexible asset-based lending solutions for growth. The company is now renewing its partnership with GBC, including the strong customer service and trustworthiness, which are hallmarks of GBC’s team and relationship approach.
“We’re grateful to reconnect with Gibraltar Business Capital and continue the strong partnership we’ve built over the years,” says Matt Xander, President and CEO of Formetco. “Their deep understanding of our business and flexible ABL solutions make them a trusted, go-to partner as we expand our market presence.”
Formetco’s reconnection with GBC is not a unique experience among the lender’s financing relationships. Over the past 12 months, a half dozen previous borrowers have returned to GBC with new financing requests. This ongoing renewal of earlier partnerships is a testament to the reliable services, flexibility, and creativity the GBC team consistently delivers to its clients.