GE Capital Signs $30 Million Distribution Finance Programme with Nimbus Boats AB

GE Capital has agreed a distribution finance programme with Nimbus Boats AB , a leading manufacturer of leisure and sports boats, based in Sweden. The arrangement has initially been established for a period of three years and will see GE Capital finance the Nimbus, Paragon and Storebro brands and assist Nimbus Boats AB to finance their dealer network across Europe, with a volume potential of more than $30 million.

The pan-European programme will help Nimbus Boats AB to plan their production, cycle times and cash management. In particular the company is aiming to optimise production during both the peak summer season and the quieter winter period. Meanwhile, Nimbus dealers are expected to benefit from enhanced funding capacity and the flexibility to pay GE for boats at the time of handover to end customers rather than prior to the sale being completed.

“The agreement with GE Capital will ensure that we can focus on our core business and continue to supply our dealers with our exciting range of boats,” said Magnus Andersson, CEO of Nimbus Boats AB. “The GE Capital team were extremely flexible and inventive in their approach and it’s great to see a company as passionate about what they do as we are about Nimbus. I think we are going to see strong growth moving forward together.”

“With the end-goal of further enhancing Nimbus’ competitive position, we worked to create an inventory finance programme that would help the company on a number of levels,” said Andrew Stafferton, Marine Industry Leader EMEA at GE Capital. “Ultimately, our tailored programme will allow Nimbus to expand its operations and support its sales growth by ensuring that there are more Nimbus boats on display both within the dealer network and at exhibition halls across Europe,” he added.

With a particularly well-established presence in Germany and the Nordics, Nimbus Boats’ products are sold throughout Europe. The company was founded in 1970 and has since grown its reputation for producing exceptionally high quality boats. The company manufactures its boats in Sweden.

GE Capital is a leading provider of distribution finance programmes to the Marine industry in Europe with more than 800 active customer relationships in the sector.

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About GE Capital
GE Capital is a leading provider of specialist finance throughout the EMEA region, providing a wide range of solutions including: accounts receivable management, inventory finance, ABL, cross-border financing, leveraged finance, European leasing/vendor finance and fleet management. GE Capital focuses on sectors where it can share GE's 130+ year heritage with customers - energy, healthcare, media, transportation and industrial - and has a major footprint in EMEA, including the $8 billion commercial finance joint venture with Mubadala in Abu Dhabi.

Contact:

Michael Goodbody
GE Capital
Direct: +44 (0) 207 302 6269
Michael.goodbody@ge.com
or
Eve Hibbert-Keene
Hill & Knowlton
Direct: +44 (0) 207 413 3465
eve.hibbert-keene@hillandknowlton.com