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Wingspire Equipment Finance Fuels Growth for Automotive Supplier with $25MM Leasing Commitment

April 25, 2024, 07:15 AM
Filed Under: Automotive

In a strategic move to support its expansive growth and capital expenditure initiatives, a prominent global automotive supplier has secured a $25 million equipment leasing commitment from Wingspire Equipment Finance. This partnership enables the financing of numerous pivotal projects over the next 15 months, propelling the company's manufacturing capabilities forward with new assembly and welding equipment.

As a vertically integrated supplier, the company provides advanced engineered structures and safety mechanisms to top-tier OEMs and Tier 1 automotive suppliers. The committed leasing arrangement with Wingspire Equipment Finance is designed to streamline the company's expansive growth efforts and ensure the timely acquisition and installation of critical production equipment.

Faced with extended purchase orders, equipment installation lead times, and managing deposits and progress payments, the company turned to Wingspire Equipment Finance for a comprehensive financing solution. The financing commitment also provides direct payments to equipment suppliers, thereby reducing administrative overhead by utilizing Wingspire Equipment Finance's lease administrators. Additionally, the funding allows the company to preserve its line of credit.

“Our equipment leasing tranche was part of an overall debt recapitalization necessary for the company to execute on newly awarded business that will increase its scale while enhancing customer and product diversification," said Jeff Okano, Senior Vice President of Originations at Wingspire Equipment Finance.

Wingspire Equipment Finance provides the necessary capital to enable automotive suppliers to modernize and expand their manufacturing and production capacities. With a deep understanding of the industry's specific challenges and needs, Wingspire Equipment Finance ensures automotive suppliers can pursue their strategic goals without compromising financial stability or operational efficiency.

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