Republic Business Credit (RBC) refinanced a line of credit for a third-generation, family-run food manufacturing company’s regional bank. RBC was introduced by food and beverage industry leaders that believed RBC’s experience in the food manufacturing industry would enhance the long-term success of the partnership.
The company focuses on large-scale food manufacturing and milling for several Fortune 100 food manufacturing companies while supporting the healthily eating goals of local governments, cities and parishes.
The company’s management team focus on relationships, local connectivity and matching values with its generational history. The company found a perfect match with Stewart Chesters, CEO of RBC, and Leigh Guglielmo, senior vice president, business development officer for the New Orleans region.
“Throughout our history, the alignment of our values with those of our partners has helped define our relationships and provided the foundation for success across our lending relationships.” Guglielmo said. “Republic is uniquely headquartered in Louisiana while being a national commercial finance company, which shows us they are committed to our community and building relationships from the ground up.”
“Republic prides itself on the personal and professional connections we make with our customers,” Guglielmo said. “From day one, we focused on understanding their business, partnering for future success and adhering to clear standards for mutual success.”
RBC provided the food manufacturing company with a $15 million asset-based loan secured by their accounts receivables and inventory, which included a seasonal inventory accordion that would bring the combined loan up to $20 million. During the seasonal growth periods, RBC provided over $5 million more in excess availability than their incumbent bank lender was able to provide.
“We have a lot of depth of experience and connection across the food and beverage manufacturing industry that, combined with our national platform, allows us to partner with great companies like this one,” Chesters said. “It is always satisfying to be able to help an established company overcome a temporary setback and recover their previous, successful stature through our suite of ABL and factoring solutions.”
