Ares Commercial Finance provided a senior secured credit facility to Pegasus Foods. The arrangements consisted of a revolving line of credit and a capital expenditure line of credit.
Proceeds from the financing will be used to support the continued physical build-out of Pegasus’ 135,000-square-foot manufacturing facility in Rockwall, TX, which will provide the company with increased manufacturing capacity to support additional growth requirements of its blue-chip customer base.
The facilities will also be used to finance recently purchased and future purchases of capital equipment and support ongoing working capital needs.
The ACF facilities came on the heels of a substantial growth capital investment from New Water Capital that Pegasus received earlier this year.
Pegasus Foods is a contract manufacturer of frozen appetizers and snacks. Specializing in high-quality, difficult to produce products, it is the primary contract manufacturer for several consumer-packaged goods and retail grocery companies, as well as quick service restaurants.
