NEW YORK--(BUSINESS WIRE)--FGI Worldwide, a global leader in commercial finance, announced today the completion of a full recapitalization of the Company.
The recapitalization includes the infusion of $140 million in new capital, including new equity investors and an expanded board of directors. “This recapitalization positions our company to continue to expand our business offerings. Our new company name, FGI Worldwide LLC, is a reflection of our commitment to implement our global growth strategy,” stated David DiPiero, President and CEO of FGI Worldwide.
Additionally, FGI Worldwide has announced the refinancing and expansion of its senior credit facility, agented by Citizens Bank, which includes local credit lines in the U.K. and Canada. “This new capital structure will be used to expand our suite of services to include domestic and international asset-based lending,” explains Sami Altaher, Executive Director of FGI Worldwide. “It will also provide the company with the ability to finance additional asset classes.”
FGI Worldwide offers an array of customized financing and risk management solutions. As a specialist in international finance, the Company became an early adopter of credit insurance as a risk mitigation tool. Their focus on cross-border lending, supported by credit insurance, led them to develop FGI T.R.U.S.T.™, a powerful real-time, web-based credit insurance management platform being utilized by both companies and by financial institutions to ensure compliance of their credit insurance policies or portfolios of policies across multiple carriers.
“FGI is known for its commitment to providing international working capital financing, and credit & risk management solutions to support the growth and financial needs of small-and-medium-sized enterprises globally,” DiPiero adds. “This recapitalization provides FGI with sufficient capital to continue to build on this mission, as well as continue to partner with banks and financial institutions globally to safely increase their own international exposure.”
About FGI Worldwide
FGI Worldwide (www.FGIWW.com) is a global leader in the commercial finance and services industry, equipping small and medium enterprises with the tools they need to safely grow their business. FGI’s two principal business units, FGI Finance and FGI Risk, provide clients with flexible and customized lending, as well as risk mitigation solutions designed to support international and domestic growth. Headquartered in New York City, FGI maintains a presence on six continents with clients in over sixty countries around the world.