BankRI $3M loan to finance Quick Fitting expansion plan
Commercial Banking Group of BankRI recently provided Quick Fitting, Inc. with a $3 million financing package to assist the company in expanding its business and launch a new product line.
Quick Fitting, Inc. was established in 2004 as a manufacturer and supplier of repairable quick connection technology for plumbing and heating applications. Its unique products offer a simpler, safer and more cost effective solution for connecting copper, PEX, stainless steel and other types of tubing. After receiving approval from the International Association of Plumbing and Mechanical Officials in 2007, the company began to market its product lines through private label and OEM companies such as Brass Craft, Wolverine, HD Supply and others.
By 2011, the company’s push fitting product lines gained large-scale acceptance and resulted in exclusive manufacturing agreements for its patented and patent pending push fitting technologies with major North American manufacturers. Quick Fitting brands can now be found in thousands of small and big box retail stores throughout North America. To accommodate this growth, the company recently relocated to a 100,000-square foot facility in Warwick from East Providence. Today, the company is heavily invested in operations and manufacturing facilities in both Rhode Island and Massachusetts.
“Quick Fitting, Inc.’s cutting-edge technology and successful business model have enabled them to become a leader in its field,” said Mark J. Meiklejohn, president and CEO, BankRI. “BankRI’s ability to provide them with the financial solutions they need to grow and expand their market presence demonstrates our commitment to ensuring that all local businesses succeed – regardless of size.”
“We have been so very impressed with the commitment, clarity, service, technology and support the BankRI team has delivered as our financial partner. It is comforting to know we have a strong financial partner by our side as we fuel our hyper-growth and the future development of advanced push fit plumbing technology,” David B. Crompton, president and CEO, Quick Fitting, Inc., said in a statement.