Business Capital structured and delivered an $8 million asset-based credit facility to a full-service supplier of snack foods and general merchandise throughout the U.S.
In business for nearly 40 years, the client distributes a large variety of branded goods to over 10,000 large and small format retailers, including convenience, gas/grocery and drug stores. Customers include big names such as Walmart, Target, Kroger, Circle K, 7-Eleven, ARCO, Chevron, WinCo Foods, Walgreens, CVS and thousands of convenience stores.
The company plans to expand its presence in national and regional chains and big box retailers, as well as import additional snack and toy products from outside the U.S. to be sold domestically. This initiative required refinancing its existing loans into a new credit facility that provided additional working capital.
“BizCap was able to quickly understand and underwrite the complex merchandising, billing and distribution systems, as well as forecasted growth plans in order to secure an asset-based credit facility with more competitive pricing and structure,” said Chuck Doyle, managing director of Business Capital. “These products are visible in just about every convenience store, gas station, and big box retailer nationally while impacting thousands of consumer purchases every day, so it was interesting to have a front row seat for this one.”
Business Capital is a national commercial finance firm specializing in securing customized non-dilutive credit-based solutions for rapidly growing or challenged middle market companies who require a unique, timely and tailored financing structure to address their particular needs.