MidCap Business Credit, serving as administrative agent in conjunction with CNH Finance, has completed a $25 million asset-based credit facility for Alfred Nickles Bakery. Headquartered in Navarre, Ohio, and established in 1909, the company manufactures bread, buns, and sweet rolls which are sold to supermarkets, grocery stores, distributors and restaurants throughout the Midwest. The company is one of the oldest and largest independent bakeries in the U.S.
Christian Gardner, president of Nickles Bakery commented “we are excited and thoroughly pleased with our new partnership with MidCap Business Credit. MidCap and their team have been extremely responsive and engaged in working together with us and our team and the team at CNH Finance to create an efficient capital structure that not only fits well and meets our current needs, but also gives us the flexibility and support as we prepare for continued growth opportunities.”
The opportunity was sourced out of MidCap’s regional office in Baltimore, MD. Bruce Pavesich, senior vice president of MidCap said, “We were able to provide a flexible asset-based line of credit and increase the size of company’s prior bank credit facility. The increased funding will augment the company’s existing vendor relationships and fund additional needed liquidity. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”
