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Wheeler Financial from Pitney Bowes Closes Financing with Construction Firm

July 18, 2019, 07:23 AM

Pitney Bowes announced that Wheeler Financial from Pitney Bowes has closed a financing transaction with Ghilotti Bros. Inc. (GBI) to help it grow the business.

GBI is a prominent, 105-year-old construction firm in Northern California that is on its fourth generation of ownership. It employs more than 275 people and generates 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 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.”

Wheeler Financial from Pitney Bowes is a subsidiary of the Pitney Bowes Bank, Inc. Its formation was announced in March. 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.

GBI has delivered outstanding, high-profile construction and infrastructure projects across the Bay Area counties, including utilities, bridges, marinas, roads, runways and railways. 

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, GBI. “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.”

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