NEW YORK, NY ? January, 2017 ? Progress Partners, a Boston and New York-based M&A advisory firm, is pleased to announce the successful advisory of its client CPXi, a New York-headquartered global digital media platform and tech-enabled services company, in securing $6M of debt capital in November 2016 from Gibraltar Business Capital, a privately held middle-market lender providing alternative capital solutions to growth companies.
The creative financing solution ? a refinancing of an existing Asset-Based Loan (ABL) line of credit ? will allow the digital solutions company to leverage its existing assets more effectively with the added operating capital, allowing CPXi to execute on its 2017 growth plan. Gibraltar?s willingness to engage and deliver a solution that accommodated CPXi?s corporate needs, while enabling the Company to operate under expanded capacity in order to provision best-in-class digital solutions to advertisers, agencies, and publishers in the digital marketplace.
Mike Seiman, Founder & CEO of CPXi, reflected, ?Progress Partners sourced multiple options for us and helped negotiate a favorable replacement of the debt facility we had in place.? Further, he said: ?The flexibility of the ABL solution provided by Gibraltar?s team allows for CPXi to work with a new financing partner to make tactical investments in identifying new business opportunities, both organic and inorganic. The new capital allows us to execute on that strategy over the coming year.?
Nick MacShane, Founder & Senior Managing Director, who worked with Boston-based Jay Jamijian (Associate, Progress Parnters) noted that ?with this deal, Gibraltar Business Capital showed its prowess and willingness to fund the operating growth of leading companies in the digital media technology sector, with an asset-based lending approach which is an increasingly relevant and pragmatic financing option for companies of this growth profile.?
CPXi is a digital media solutions company aimed at driving efficiencies and effectiveness in the tech-enabled marketing space. With 15 years of experience marrying technology and managed solutions, CPXi offerings include media executions, programmatic integrations and cutting edge content and engagement strategies. For more information, visit: www.cpxi.com.
About Gibraltar Business Capital, LLC
Chicago-based Gibraltar Business Capital is a privately held middle-market lender serving small- to medium-sized business owners as well as lower middle market and growth technology firms with fresh and accessible capital alternatives to a commercial bank loan. With fast, flexible asset based lending and factoring solutions, Gibraltar delivers lines of credit and specialized funding facilities from $2 – $10 Million that allow businesses to meet their objectives. Building on its 60-year history, Gibraltar Business Capital is a multifaceted company strategically positioned with the portfolio, infrastructure, personnel and resources to support its clients nationwide. For more information, visit: www.gibraltarbc.com.
About Progress Partners, Inc.
Progress Partners is a Boston and New York-based M&A advisory firm working with emerging technology companies within media, marketing, advertising sectors, serving SMB through Enterprise. Progress Partners works with buyers and sellers of high growth companies to complete M&A transactions, raise debt or equity capital, as well as, develop and implement strategic growth plans. The firm’s high standards of excellence, deep industry experience, extensive network, and entrepreneurial background give Progress Partners the ability to build and realize superior value for its clients. For more information, visit: www.progresspartners.com.