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Pitney Bowes Financial Services Signs Term Loan with Zion Delivery Service
February 9, 2022
By Businesswire
Southern Californian last mile logistics company invests for growth with new capital solutions
STAMFORD, Conn.--(BUSINESS WIRE)--Pitney Bowes Inc. (NYSE: PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today announced that the Pitney Bowes Bank has signed a term loan and accompanying revolving line of credit with Zion Delivery Service, Inc (ZDS) of Long Beach, California. ZDS specializes in Last Mile Delivery support for large national and regional carriers in Los Angeles County, Orange County and other markets across Southern California. The credit facility from Pitney Bowes provides ZDS the working capital, liquidity and flexibility required to generate sustained growth.
Founded in 2004, ZDS operates alongside ZDS Express Couriers, Inc, which runs 10-12 FedEx routes with contracted drivers. Both organizations – 100% owned by ZDS founder and president Jeremy Pippen - are experiencing high demand which is fueling organic growth and driving plans for acquisition.
“Carriers such as Amazon Logistics, DHL and USPS rely on ZDS for last mile support, and the past year has seen increasing pressure on our business following the surge in ecommerce,” said Jeremy Pippen, President, ZDS. “We needed to invest to grow but were disadvantaged by expensive long-term debt and a lack of flexibility in our lending. The team at Pitney Bowes was helpful, responsive and knowledgeable. They offered a choice of flexible, affordable options which suit the business perfectly. We’re now in a strong position to build momentum and take our business to the next level.”
“We continue to build out our product portfolio to meet the growing needs of Main Street businesses, the backbone of our economy,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services and Board member of the Bank. “We are pleased to support ZDS, through our deep expertise in the shipping and logistics industry. This deal embodies our strategy to continue to grow with companies like ZDS that are well poised in this rapidly expanding market segment.”
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For the latest news, corporate announcements and financial results visit https://www.pitneybowes.com/us/newsroom.html. For additional information visit Pitney Bowes at www.pitneybowes.com.
The Pitney Bowes Bank, Inc. is a subsidiary of Pitney Bowes Financial Services, which in turn is a subsidiary of Pitney Bowes, Inc. The bank is a fully chartered Industrial Bank located in Salt Lake City, Utah for over 23 years and Member FDIC. The bank has a nationwide lending and deposit footprint.
Contacts
John Spadafora
Pitney Bowes
M +1 518 708 3466
john.spadafora@pb.com