INVOICE FINANCE
Working capital solution for a New Zealand-based logistics business with growth expansion plans.
Industry
Warehouse & Logistics
Product
Executive Summary
Cardinal Logistics is a New Zealand-headquartered warehousing and distribution business with a blue-chip portfolio of global FMCG clients who require high-end service, ongoing efficiency gains and a commitment to quality. By their nature, multinationals have lengthy payment terms, while Cardinal continues to heavily invest in automated warehousing and robotic technology, which is capital intensive. With an intricate capital structure involving two equipment financiers across multiple asset pools, ScotPac partnered with Cardinal, providing an Invoice Finance facility to fund working capital and general investment. The new ownership and funding partnership provides the business with access to capital required for long term future growth and expansion.
Business background and challenge
Headquartered in New Zealand, Cardinal Logistics operates automated fulfilment centres, providing container, warehousing and distribution services for a blue-chip portfolio of global FMCG clients who require high-end service, ongoing efficiency gains and a commitment to quality.
By their nature, multinationals have lengthy payment terms. This creates an ongoing working capital requirement alongside Cardinal’s continued heavy investment in automated warehousing and robotic technology, which is capital intensive.
The business was also preparing to open its second large-scale automation centre in Auckland, which required further capital and working capital support.
Cardinal also had an intricate capital structure, with two asset financiers across various pools of critical equipment; a unique environment but one into which ScotPac found a way to support.
ScotPac’s solution
ScotPac partnered with Cardinal, providing an Invoice Finance facility aligned to Cardinal’s blue-chip customer book to fund working capital and general investment, replacing the incumbent bank and providing additional liquidity
Cardinal’s capital structure was highly integrated with the existing equipment financiers. ScotPac coordinated with the existing stakeholders to structure a covenant-lite facility that could operate alongside the existing arrangements without disrupting them.
ScotPac was able to commence funding several months earlier than Koau Capital Partners’ successful transaction, providing stability and giving confidence to the incoming investors.
We needed a working capital partner that could handle the complexity of a logistics group with high capital intensity, together with long-dated customer payment terms, to provide the funding framework to support our continued expansion without traditional banking constraints. ScotPac worked through every challenge to get us there. - Brandon Furness, CEO
Opportunity created
On 13 August 2026, Koau Capital Partners completed the sale of Cardinal, with incoming Iwi and family offices positioning the business with long term access to the capital required for future growth and expansion. ScotPac’s solution has also set the template for additional funding to support this.
Together, the new ownership and ScotPac funding has created a framework for Cardinal’s long term growth, allowing the business to move ahead with its expansion plans knowing the working capital side was squared away.
The ScotPac difference
Cardinal needed a lender that could work alongside key existing asset financiers. The business was referred to ScotPac by its funding advisor Northquest Capital based on ScotPac’s experience of working within complex capital structures.
What mattered was ScotPac’s appetite for the deal and willingness to coordinate with the existing stakeholders.
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