FGI Worldwide, a global commercial finance and services firm, has completed a recapitalisation of the company as it is looks to expand its offerings.

The firm has raised US$140mn in new capital, including from new equity investors, as well as expanded its board of directors.

FGI has also closed and expanded the refinancing of its senior credit facility, which is agented by Citizens Bank and includes local credit lines in the UK and Canada. The size of this facility has not been disclosed.

FGI is a provider of working capital financing and credit and risk management solutions to support SMEs in their cross-border operations.

According to David DiPiero, the firm’s president and CEO, the recapitalisation positions FGI to continue its growth on a global scale and expand its business offerings.

“This recapitalisation provides FGI with sufficient capital to continue to build on this mission, as well as continue to partner with banks and financial institutions globally to safely increase their own international exposure,” he says.

Sami Altaher, FGI’s executive director, adds that the new capital structure will be used to expand the company’s “suite of services to include domestic and international asset-based lending. It will also provide the company with the ability to finance additional asset classes”.

Headquartered in New York City, FGI is present on six continents and has clients in over 60 countries across the globe.