FGI Provides $20MM Asset-Based Facility for Infinity Engineered Products
“We appreciate the care and diligence the FGI team demonstrated throughout the financing process. They took time to understand our cross-border business which allowed them to provide more liquidity than other lenders. Their flexible structure and ability to grow with us helped position Infinity to reach our next level of success. We are excited for a long-term partnership with FGI. ”
CFO, Infinity Engineered Products
“FGI was instrumental in structuring a multi-country financing solution for Infinity. The financing has enabled us to return capital to shareholders while continuing to invest in Infinity’s continued growth. From the start of our discussions, FGI has been responsive and supportive; and we look forward to our partnership together.”
Partner, Turnspire Capital
“FGI’s industry knowledge and unmatched expertise in structuring multi-jurisdictional facilities set them apart from other asset-based lenders. Backcast has proudly supported Infinity since 2020, and we believe this facility will empower Infinity’s growth and plans, now and in the future.”
Managing Partner, Backcast Partners Management, LLC
FGI structured a $20MM flexible working capital facility, stretching across three jurisdictions: United States, Mexico and Canada, for Infinity Engineered Products (“Infinity”). The proceeds were used to repay Infinity’s prior domestic debt and fund a cash distribution to shareholders, while the facility will support organic growth and future initiatives.
Headquartered in Fairlawn, Ohio with manufacturing facilities in San Luis Potosi, Mexico, Infinity is a leading provider of premium air springs for trucks, trailers, buses and specialty vehicles and is a preferred partner for OEM’s and trucking fleets globally.
Infinity was formed by Turnspire Capital Partners LLC (“Turnspire”), a New York-based special situations-focused private equity firm, who acquired the assets of Goodyear® Air Springs business from EnPro Industries, Inc. in November 2020. The Goodyear® trademark is used by Infinity under an exclusive license from the Goodyear Tire & Rubber Company, which founded the business in 1957.
Backcast Partners Management, LLC (“Backcast”), a provider of capital for both middle-market private equity and non-private equity-owned companies, previously invested in Infinity in 2020 to support the acquisition by Turnspire. Backcast’s original investment consisted of senior secured debt and an equity co-investment. Today, Backcast continues to be a value-added partner to Turnspire and Infinity, playing a large role in the successful closing of FGI’s facility.
