Lighthouse Provides Credit Line to Snack Food Distributor
Lighthouse Financial announced that it has provided a $3.25 million line of credit to an Ohio-based distributor of beverages and snack foods. The company was founded in 2000 by three gentlemen to distribute a now widely successful energy drink in Ohio. Since then the company has added wine, breakfast items and snack foods to their product catalogue. The distribution area includes all of Ohio and northern Kentucky.
The line is designed to refinance an existing bank loan and to support working capital needs as the company rebuilds sales volume after the loss of a major brand. Lighthouse was able to provide an aggressive loan structure on both the accounts receivable and inventory that allowed the company to exit from the prior lender. The facility also created significant additional working capital to support the company’s recovery and growth.