Daily News: April 11, 2016

Harvest Capital Closes $10.8MM Debt Financing for Yucatan Foods

Harvest Capital Credit closed a $10.8 million junior secured debt financing for Yucatan Foods in support of a recapitalization and to finance the company’s long-term strategic growth initiatives. The debt financing was comprised of two tranches: an $8.2 million junior secured subordinated debt investment and a $2.6 million subordinated convertible note.

Dan Walton, Yucatan’s chief financial officer, said, “Yucatan Foods is excited to have the financial strength and experience of Harvest Capital Credit as our new partners. Harvest brought a flexible and patient approach that allowed Yucatan to achieve our financial goals by providing capital for a large scale manufacturing capacity expansion, as well as a smaller internal recapitalization. The transaction was closed according to terms presented by Harvest to Yucatan, and was handled in a professional manner.”

Los Angeles-based Yucatan Foods offers guacamole products, which are found in supermarket chains and food retailers across the U.S. and Canada.