Atlanta, Ga.—Sept. 22, 2014—Advance Global Capital (AGC), a provider of capital and investment fund advisors, announced the successful launch of a new supply chain finance initiative. The new facility features Navistar Inc., a U.S. manufacturer of commercial vehicles and their supplier of metal components, Inmagusa, a Mexican manufacturer of frame rails. The financing of the Inmagusa-Navistar facility is done in partnership with PrimeRevenue, Inc., a global provider of supply chain finance solutions, and an organization that optimizes and unlocks cash flow for corporations and their suppliers.
Inmagusa is a producer of heat-treated and non-heat treated frame rails and structural components for original equipment manufacturers (OEMs) and a key supplier of transmission poles for electricity in North America. The company exports its products to 11 assembly plants throughout the USA, Canada and Mexico.
“As more leading organizations adopt supply chain finance, there is a growing interest in inviting non-bank funders to existing and new financing programs in order to provide the required liquidity for corporations and their suppliers,” said Dan Juliano, senior vice president, business development and product, PrimeRevenue, Inc.
“Our investment allows Inmagusa to receive payment of its invoices up front, freeing up its cash flow to purchase raw materials and pay employees,” said Nate Hartley, portfolio manager at AGC.
“During the first month, our Advance Trade Growth Fund (ATGF) purchased over $1 million in Inmagusa’s receivables to Navistar Inc. We are excited to continue this relationship with PrimeRevenue, which enables us to achieve efficient geographic and industry diversification, and PrimeRevenue to access an additional source of liquidity. Based on our ongoing success of the Inmagusa-Navistar financing, discussions already began to expand the pilot to additional suppliers across the globe,” added Admir Imami, CEO of Advance Global Capital.