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Long-Term Concrete Pump Finance: $8.6 Million - EFFI Finance
Client Situation: Client sought to reduce maintenance expenses, establish confidence with a diverse team of operators, and win more business by establishing a fleet refresh financing plan. Fulfill the year’s capital expenditure budget and affirm a brand of safety and reliability in the marketplace.
EFFI Provided: EFFI fulfilled the entire capital expenditure budget for the year—approximately $8 million (70% of which was used for fleet refresh).
This concrete pumping company’s CEO chose to sell and trade in all pumps exceeding five years in age, thus, requiring a financing need that was justified by the following:
Maintenance reduction from nearly $3 million per year to less than $250,000.00
Improved operator moral and attract the best operators
Increased commercial business with new, onsite fleet
The new debt service was covered, in part, by the reduced maintenance expense. These new assets also provided revenue growth due to the increase in revenue-generating days at the job sites. The operators also had an invigorated sense of pride for their pumps, which allowed these operators to remain safety-focused.
EFFI provided a Well Priced & Well Structured equipment finance facility, fulfilling the company’s entire annual capital expenditure budget. The $8,605,707.00 facility was utilized six different times throughout the 12-month period to fund various concrete pumps and tower pumps.