Pitney Bowes Financial Services Signs Term Loan with Zion Delivery Service
February 09 2022 - 8:00AM
Business Wire
Southern Californian last mile logistics
company invests for growth with new capital solutions
Pitney Bowes Inc. (NYSE: PBI), a global shipping and mailing
company that provides technology, logistics, and financial
services, today announced that the Pitney Bowes Bank has signed a
term loan and accompanying revolving line of credit with Zion
Delivery Service, Inc (ZDS) of Long Beach, California. ZDS
specializes in Last Mile Delivery support for large national and
regional carriers in Los Angeles County, Orange County and other
markets across Southern California. The credit facility from Pitney
Bowes provides ZDS the working capital, liquidity and flexibility
required to generate sustained growth.
Founded in 2004, ZDS operates alongside ZDS Express Couriers,
Inc, which runs 10-12 FedEx routes with contracted drivers. Both
organizations – 100% owned by ZDS founder and president Jeremy
Pippen - are experiencing high demand which is fueling organic
growth and driving plans for acquisition.
“Carriers such as Amazon Logistics, DHL and USPS rely on ZDS for
last mile support, and the past year has seen increasing pressure
on our business following the surge in ecommerce,” said Jeremy
Pippen, President, ZDS. “We needed to invest to grow but were
disadvantaged by expensive long-term debt and a lack of flexibility
in our lending. The team at Pitney Bowes was helpful, responsive
and knowledgeable. They offered a choice of flexible, affordable
options which suit the business perfectly. We’re now in a strong
position to build momentum and take our business to the next
level.”
“We continue to build out our product portfolio to meet the
growing needs of Main Street businesses, the backbone of our
economy,” said Christopher Johnson, Senior Vice President and
President, Pitney Bowes Financial Services and Board member of the
Bank. “We are pleased to support ZDS, through our deep expertise in
the shipping and logistics industry. This deal embodies our
strategy to continue to grow with companies like ZDS that are well
poised in this rapidly expanding market segment.”
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. is a subsidiary of Pitney Bowes
Financial Services, which in turn is a subsidiary of Pitney Bowes,
Inc. The bank is a fully chartered Industrial Bank located in Salt
Lake City, Utah for over 23 years and Member FDIC. The bank has a
nationwide lending and deposit footprint.
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version on businesswire.com: https://www.businesswire.com/news/home/20220209005170/en/
John Spadafora Pitney Bowes M +1 518 708 3466
john.spadafora@pb.com
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