LANGLEY, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2012) - First West Capital today announced it has funded a multi-million dollar expansion deal for Sealweld Corporation, a market leader within the valve maintenance industry that sells valve sealants, grease products, fittings and pumps to the oil and gas pipeline industry. A 43-year old company based in Calgary with additional offices in Houston and the United Arab Emirates, Sealweld boasts a client-base covering over 100 countries worldwide.
Over the past five years, Sealweld has seen steady increases in revenue. Notably, the company recently secured expanded contracts with two major clients, Shell Canada Energy and the Saudi Arabian oil company, Saudi Aramco, and was in need of additional working capital to meet their clients' growing needs and demands.
"Sealweld Corporation is a family-owned niche organization operating in the oil and gas services space," says Andrea Arient, executive vice-president of Sealweld Corporation. "As we have recently secured two big clients, the capital that First West Capital has provided us will facilitate the growth required for our company to be a leader in our international markets. Throughout the process, we found the First West Capital team to be very easy to work with - in particular, we were very impressed with their quick understanding of our business model, exceptional communication skills and their ability to adapt to our needs."
"We're very excited to be a financing partner for Sealweld to assist with their expansion plans into the Middle East and Canadian oil and gas pipeline markets," says First West Capital vice-president Robert Napoli. "We were very impressed with the quality of Sealweld's industry-leading products but perhaps more so with how their team has managed to develop proprietary and innovative products that are now being exported to over 100 countries around the world."
Napoli adds, "The company has been very effective in building long-term relationships with new customers and those orders are really starting to take off, which created a need for more working capital in order to support this growth. Together with their senior financing partner, HSBC, we were pleased to help. Over the years, Sealweld has solidified its position within the valve maintenance industry, with no other competitors able to match their product offering in the market. We are happy to be a part of their expansion plans and provide them with the right financing and repayment schedule to help to facilitate their company's growth."
About Sealweld Corporation
Sealweld Corporation was created in 1969 in response to industry demand for superior synthetic valve sealant compounds. Its products are available and have been proven reliable in over 90 countries worldwide and the company's focus is on the safe reduction and elimination of pipeline valve leakage. For more information about Sealweld, visit www.sealweld.com.
About First West Capital
First West Capital is First West Credit Union's newest division, and is a $100 million fund established to provide subordinated debt and mezzanine financing to small- and medium-sized businesses. Led by Kristi Miller and Robert Napoli, the First West Capital team has more than 25 years of commercial lending experience including 18 years in subordinated debt financing.
Formed through the merger of Envision Financial and Valley First credit unions, First West Credit Union is committed to local decision making and taking advantage of local business knowledge. The same is true for First West Capital. With on-the-ground knowledge of its local markets, First West Capital has the advantages of speed and flexibility. For more information, visit www.firstwestcapital.ca.
About First West Credit Union
First West Credit Union offers members the financial strength, comprehensive product selection and extended branch network of a large financial institution while maintaining local brand identities and a unique grassroots approach to service. Led by Launi Skinner, First West is British Columbia's third-largest credit union with $6.6 billion in assets under administration, more than 169,000 members and close to 1,400 employees. It operates 37 branches throughout the province under the Envision Financial and Valley First brands. For more information on First West Credit Union, visit www.firstwestcu.ca.
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Contact Information:
Cheryl Shaw
First West Credit Union
604.539.7360
mediarelations@firstwestcu.ca