Pitney Bowes Financial Services Makes Growth Capital Investment in Medgluv, Inc
April 13 2022 - 8:00AM
Business Wire
Florida-based PPE firm signs new credit
facility for next stage of growth
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.
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John Spadafora Pitney Bowes M +1 518 708 3466
john.spadafora@pb.com
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