Fifth Third Provides Credit Line to Innovative Food Holdings
Innovative Food Holdings announced it completed a financing transaction with Fifth Third Bank that will provide a $1 million revolving credit facility and a $1 million term credit facility.
The financing package will be used to pay down the balance of the company’s $1.2 million loan it incurred for the acquisition of Artisan Specialty Foods, as well as general corporate purposes.
Sam Klepfish, CEO of Innovative Food Holdings, commented, “We believe that this is a significant step for the company as it strengthens our capitalization and financial flexibility, provides us greater access to capital for investments and acquisitions, and pays down certain notes. In addition, we are pleased to be able to secure financing which reduces dilution to our shareholders.”
Innovative Food Holdings, through its subsidiaries, is a nationwide provider of direct from source specialty foods, healthcare foods, gluten free foods and artisanal foods, to the professional foodservice market.