Andy Stone has been an entrepreneur and business owner for over 25 years. He’s always had a knack for helping clients and business partners in all sorts of ways. Through his many years of working within the manufacturing industry he has built up a long list of business partners and relationships. When the pandemic completely disrupted our lives, it was these relationships that helped Andy position himself and his company in a position for success.
Through his lighting business, Andy would periodically do business with a particular buyer. This buyer knew that Andy had a special talent for sourcing whatever he needed, whenever he wanted it. As COVID began raging within the United States, the buyer reached out to Andy and asked if he had a connection, or the ability to get personal protective equipment (PPE) and masks. It was at that moment when Pur Health Group was born.
Andy, knowing he had the sourcing options to obtain the request, went full speed ahead helping his buyer. At the time, it was not completely clear as to what the extent of the new relationship would become. The buyer was asking for a “small” order of PPE and masks for the corporate headquarters of ACE Hardware. Not only did Andy fulfill the order, but due to the ease of his operation and his low-price points, the buyer came back with more orders. Not only did the buyer need PPE and masks for the ACE Corporate offices, but also 300+ ACE Hardware retail stores.
After the success of the PPE and mask sales, ACE came back to Andy looking for more help. The newest challenge ACE was facing was a shortage of Mason Jars and Lids. To nobody’s surprise, Andy successfully delivered and history repeated itself. ACE placed order-after-order of Mason Jars and Lids through Andy and his new company, Pur Health Group. Just when Pur was starting to hit its stride, the biggest provider of Mason Jars and Lids, Ball Corporation, needed to decrease their market share and this opened up a huge void. It could not have come at a better time as Pur was there to scoop up some of the market share and provide ACE with every jar and lid they needed. Due to strong sales and the successful partnership, ACE is in the works with Pur to make them the exclusive international distributor of their jars and lids.
The ultra-fast growth of the new business took Andy a little by surprise. He was ecstatic to see the purchase orders come in, but realized that with such huge orders to fill, he would need more working capital to meet the demand. To start with, Andy went to family and friends, but as orders continued to grow, he realized that even more money would be required.
Midway through 2020, Andy began talks to see if Primary Funding could help with his funding needs. Recognizing Andy’s strong track record and history of successfully delivering products to ACE, Primary Funding was happy to partner with Andy and Pur Health Group. After several months of successfully working together, Pur asked for additional financing on the front end of the operating cycle called, “purchase order financing.”
Being that a strong relationship had been fostered, Primary Funding was happy to be flexible and adaptable to the changing needs of Pur Health Group. Primary Funding performed additional underwriting and soon the purchase order financing was approved. With the additional financing product put in place, Pur Health Group was able to take on even more business. In fact, Pur is expected to start servicing other national retailers and global distributors in the near future. As Pur Health Group explores opportunities with potential new customers, they can do so with peace of mind, knowing that their working capital needs will be met by their partnership with Primary Funding.