Purr-Ferred PetFood, headquartered in Boca Raton, FL, has sourced proteins from around the world for the major national pet food manufactures for 23 years. The company’s plant, located in Anchorage, AK, processes salmon, cod, halibut and ocean white fish for distribution throughout the U.S.
Purr-Ferred was seeking more accommodating funding than its current bank could provide and engaged Concord Financial Advisors to secure an improved credit facility with increased borrowing capacity and flexibility. Concord utilized its upfront, no cost assessment to review the situation and screen and qualify the deal with a select group of preferred lenders. Once engaged, Concord was able to bring the deal to the marketplace within 24 hours and sourced six proposals from three banks and three finance companies within 10 days.
Concord had to pivot quickly when the first lender unexpectedly backed out of the transaction. However, with Concord’s more than 100 years of corporate finance experience, 95% success rate in getting deals done and deep relationships with a wide spectrum of nationwide corporate financiers, Concord was able to quickly identify the most appropriate lender, structure the most advantageous deal, and close the transaction within 35 days.
The financing arranged was a $10 million senior secured revolving line of credit plus a $2 million pre-approved accordion increase and both were provided by Edge Capital.
“We are exceptionally pleased with our choice of Concord Financial Advisors, LLC. Tom Jones and the Concord team combine unique and extraordinary debt placement expertise with outstanding 24/7 personalized service,” M. Brooks Turkel, CPA, FACHE, financial executive for Purr-Ferred PetFood, said. “It is not an exaggeration to say that our transaction would not have happened without Concord’s impressive services and Concord’s diverse and extensive lender relationships, particularly with decision makers, throughout the U.S. I highly recommend Concord Financial Advisors for any company looking to get a debt transaction done quickly and professionally.”
