Prominent construction firm secures capital to invest in technology
STAMFORD, Conn.--(BUSINESS WIRE)--Jul. 17, 2019--
Pitney Bowes (NYSE: PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, finance and data, today announced that Wheeler Financial from Pitney Bowes has closed a financing transaction with Ghilotti Bros. Inc (GBI) to help them grow their business. GBI is a highly prominent, 105-year-old construction firm in Northern California that is on its fourth generation of ownership. They employ over 275 people and generate annual revenues in excess of $100 million. The firm secured funding from Wheeler Financial to invest in GPS tracking technology to gain an advantage in its highly-competitive market.
GBI is a family-run business with community-focused values at its heart, operating for over a century. The firm has delivered outstanding, high-profile construction and infrastructure projects across the Bay Area counties, including utilities, bridges, marinas, roads, runways and railways.
In order to maximize opportunities during California’s dry season, GBI needed an asset critical to compete and win bids during this brief seasonal window. Understanding the impact of this financing and its potential to drive growth for GBI, Wheeler Financial accelerated the process, promptly providing the company with the funding it needed. As a result, GBI was able to invest in a state-of-the-art GPS Tracking Station, essential technology for accuracy in construction and crucial for the firm to secure new contracts and generate growth.
“California is undergoing major investment in its infrastructure, so it’s vital we have the assets to take advantage of this unprecedented opportunity and compete at the highest level,” said Mike Ghilotti, President, Ghilotti Bros. Inc. “To help us secure financing for these assets, we needed a partner that would quickly understand our requirements and appreciate our need for a swift response. Wheeler Financial was a responsive, supportive partner that understood our business and complemented our existing relationships with other partners. They acted with speed and agility.”
“GBI is a thriving business, but it must respond quickly to favorable market conditions to stay competitive. Having the right assets in place at the right time is a critical success factor,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services. “The more ‘traditional’ sources of capital to finance these assets can be prohibitive, protracted and complex. Wheeler Financial, with its depth of experience and access to capital, has helped GBI take its next steps forward, quickly and effectively with the added peace of mind that comes from working with a partner built to meet the specific needs of the small and medium sized business market.”
Pitney Bowes has been a trusted enabler for small business growth for almost 100 years, has operated a bank platform for two decades, and has financed or leased more than $10bn of equipment. Wheeler Financial from Pitney Bowes, a subsidiary of the Pitney Bowes Bank, Inc., Member FDIC, was announced earlier this year. The subsidiary was founded specifically to meet the finance, loan and leasing requirements of small- and middle-market clients, to help them acquire critical assets.
About Wheeler Financial from Pitney Bowes
Wheeler Financial™ from Pitney Bowes is a subsidiary of The Pitney Bowes Bank, Inc., Member FDIC, dedicated to helping small to lower middle market clients acquire the critical assets they need to grow and expand their business with innovative financing solutions. For more than 30 years, Pitney Bowes has been financing their own equipment, while the Pitney Bowes Bank was established in 1996 to support postage financing. Our expansion into helping our clients finance other purchases reflect our continued commitment to helping our customers grow efficiently and effectively.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; office mailing and shipping; presort services; location data; customer information and engagement software; services; and financing. For nearly 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com.
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Source: Pitney Bowes Inc.
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