STAMFORD, Conn.–(BUSINESS WIRE)–February 9, 2022–
Pitney Bowes Inc. (NYSE: PBI), a global shipping and courier company that provides technology, logistics and financial services, today announced that Pitney Bowes Bank has signed a term loan and line of credit renewable with Zion Delivery Service, Inc. (ZDS) of Long Beach, CA. ZDS specializes in last mile delivery support for major national and regional carriers in Los Angeles County, Orange County and other Southern California markets. The Pitney Bowes credit facility provides ZDS with the working capital, liquidity and flexibility needed to generate sustained growth.
Founded in 2004, ZDS operates alongside ZDS Express Couriers, Inc, which operates 10 to 12 FedEx routes with contracted drivers. Both organizations, wholly owned by ZDS Founder and Chairman Jeremy Pippen, are experiencing strong demand that is fueling organic growth and driving acquisition plans.
“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 from the rise of e-commerce,” said Jeremy Pippen, President of ZDS. “We needed to invest to grow, but we were disadvantaged by expensive long-term debt and a lack of flexibility in our loans. The Pitney Bowes team was helpful, responsive and knowledgeable. They offered a choice of flexible and affordable options that suit the business perfectly. We are now in a strong position to build momentum and take our business to the next level.
“We continue to expand our product portfolio to meet the growing needs of businesses on Main Street, the backbone of our economy,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services and Board Member of administration of the Bank. “We are delighted to support ZDS, thanks to our deep expertise in the transportation and logistics industry. This agreement embodies our strategy to continue our growth with companies like ZDS which are well positioned in this growing market segment.
About Pitney Bowes
Pitney Bowes (NYSE: PBI) is a global shipping and courier company that provides technology, logistics and financial services to more than 90% of Fortune 500 companies. Customers in small businesses, retail, businesses and governments around the world trust Pitney Bowes. to remove the complexity of sending mail and parcels. For the latest news, company announcements and financial results, visit https://www.pitneybowes.com/us/newsroom.html. For more information, visit Pitney Bowes at www.pitneybowes.com.
Pitney Bowes Bank, Inc. is a subsidiary of Pitney Bowes Financial Services, which in turn is a subsidiary of Pitney Bowes, Inc. The bank has been a fully licensed industrial bank located in Salt Lake City, Utah for over 23 years and FDIC member. The bank has a national loan and deposit footprint.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220209005170/en/
CONTACT: John Spadafora
M+1 518 708 3466
KEYWORD: CONNECTICUT UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY PROFESSIONAL SERVICES OTHER TECHNOLOGIES FINANCE
SOURCE: Pitney Bowes Inc.
Copyright BusinessWire 2022.
PUBLISHED: 02/09/2022 08:00/DISC: 02/09/2022 08:02
Copyright BusinessWire 2022.