GE Capital entered into a £200m (287.9m) long-term financing commitment with independent forklift truck distributor Briggs Equipment UK.
Through this asset based lending (ABL) transaction, GE Capital aims to support Briggs’ working capital needs and growth aspirations.
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Peter Jones, chief financial officer at Briggs Equipment UK, said: "The funding solution led by GE Capital will enable us to meet the growth aspirations for our business alongside working capital requirements and we look forward to working with the GE Capital team and the strong banking partner group for many years to come".
According to GE Capital, the company worked alongside Brigg’s existing banking partners as well as established new banking relationships for the forklift truck distributors. The banking partners were ABN Amro, Lloyds Bank, PNC Business Credit, Royal Bank of Scotland and Wells Fargo Capital Finance UK.
In April, General Electric (GE) announced the sale of GE Capital, with the aim to return GE to its industrial roots.
Last month, a spokesperson of GE Capital told Leasing Life: "As announced on April 10, GE is in the process of selling most of the assets of GE Capital. In total, we plan to sell about $200 billion of ENI by the end of 2016, with about half of that being done by end of 2015."
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