NewStar Provides $7MM Financing to Bridgetown Natural Foods
NewStar Business Credit announced that it has provided $7 million of senior secured financing to Oregon-based Bridgetown Natural Foods.
Bridgetown is a contract manufacturer of natural and organic snack bars, including granola and nutrition bars. The credit facilities consist of a revolving line of credit and a term loan, which will be used to meet working capital requirements and provide expansion capital to support growth.
“Given that our business is both high growth and capital intensive, it can be challenging for potential lenders. However, the team at NewStar worked expeditiously to provide us with a dynamic solution, which both met the needs of our business today and laid a foundation for future flexibility and growth,” stated Daniel Klock, Bridgetown’s CEO
“We are excited about our new relationship with Bridgetown and look forward to participating in their success as they continue to grow the company,” stated Milton Iskra, EVP and national marketing manager for NewStar Business Credit. “This deal represents a continuation of our successful growth strategy in the Pacific Northwest,” he added. The transaction was originated by Lisa Adams, a senior vice president in NewStar’s office in Portland, OR.
NewStar Business Credit, a wholly owned subsidiary of NewStar Financial, provides asset-based and senior, secured stretch loans nationally to middle-market companies with credit requirements between $5 million and $25 million.