Avidbank Specialty Finance provided a term loan and working capital line of credit to organic spice and seasoning provider Red Monkey Foods to support its acquisition of San Francisco-based Salt Company.
Salt Company (SFS) is a provider of specialty bath and gourmet salts. Avidbank increased its existing credit facilities to support the SFS acquisition and future growth. The transaction closed in November 2017.
SFS was RMF’s first corporate acquisition and was led by majority owner, San Francisco Equity Partners.
“We are pleased to participate in Red Monkey Foods’ acquisition of San Francisco Salt,” said Larry LaCroix, executive vice president and head of Avidbank’s Specialty Finance Division. “The new credit facility reflects our ongoing commitment to our clients’ growth. Moreover, we have further strengthened our partnership with Red Monkey Foods and their equity sponsor, SFEP, as they accelerate into adjacent markets.”
Scott Bolonda, CEO of Red Monkey Foods, said, “With Avidbank’s assistance, we were able to execute on this important acquisition of San Francisco Salt Company. Avidbank has proven to be a valued partner for Red Monkey Foods.”
