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Pitney Bowes Financial Services Makes Growth Capital Investment in Medgluv, Inc
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Rhea-AI Summary
Pitney Bowes (NYSE: PBI) has signed a new credit facility for Medgluv, Inc., a healthcare supply company headquartered in Florida. The funding aims to boost working capital and meet the rising demand for PPE and disposable medical gloves, which surged over the past two years.
Medgluv's revenue increased by over 600% from 2019 to 2021, reflecting robust growth during the COVID-19 pandemic. Although shipping and logistics costs have risen, the new facility offers flexible capital that enhances cash flow, crucial for their growth trajectory.
Positive
Medgluv experienced over 600% revenue growth from 2019 to 2021.
New credit facility provides necessary working capital to meet demand.
Flexible financing improves cash flow for Medgluv.
Negative
Rising shipping and logistics costs are impacting profitability.
Florida-based PPE firm signs new credit facility for next stage of growth
STAMFORD, Conn.--(BUSINESS WIRE)--
Pitney Bowes (NYSE: PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today announced it has signed a new credit facility for Medgluv, Inc of Coral Springs, Florida. Medgluv, a manufacturer and distributor of healthcare supplies, has experienced a surge in demand of disposable medical gloves and PPE supplies over the past two years. Assurance supplies of PPE is key to all their customers in the Healthcare and industrial space. The new finance solutions will enable it to meet continuing demand and boost working capital to generate further growth.
Founded in 2001 by Jerry Leong, minority-owned business Medgluv grew revenue more than 600 percent from 2019 to 2021 as it worked hard to meet surging demand for personal protective equipment during the COVID-19 pandemic. During this time Medgluv had to grow rapidly at scale but remained firmly committed to delivering against the Healthcare Industry’s expectations. Rising shipping and logistics costs added pressure, as goods were shipped from ports to warehouses to clients’ sites.
“This is a critical time in Medgluv’s growth journey, but It has never been harder for businesses like ours to access affordable, flexible capital,” said Jerry Leong, President and Founder, Medgluv, Inc. “The team from Pitney Bowes Financial Services really understood our business and our need for a fast turnaround and flexible capital. Restructuring our debt has given us flexibility and has already had a positive impact on our cashflow.”
“Jerry is an inspiring leader of a fantastic business,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services and Board member of the Bank. “Medgluv is a on a rapid growth trajectory, but without working capital, costs could quickly spiral out of control. At Pitney Bowes, we have the commitment and ability to grow with Medgluv over time. Working with three quarters of a million small business clients has given us unique insight; we understand Main Street and the specific challenges faced by minority owned business. We’ve used this insight to craft a portfolio of financial products specifically designed to boost liquidity, free up working capital and drive down shipping and logistics costs.”
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For the latest news, corporate announcements and financial results visit https://www.pitneybowes.com/us/newsroom.html. For additional information visit Pitney Bowes at www.pitneybowes.com.
The Pitney Bowes Bank, Inc. (the Bank) is a subsidiary of Pitney Bowes Global Financial Services, LLC, which in turn is a subsidiary of Pitney Bowes Inc. The Bank is an FDIC insured Utah Industrial Bank located in Salt Lake City, Utah for over 23 years. The Bank has a nationwide lending and deposit footprint.
