CIT, a division of First Citizens Bank, advised by CIT Asset Management, served as agent on a $40 million revolving credit facility provided to Biery Cheese. The credit facility refinances Biery Cheese’s existing senior debt and provides additional liquidity to support increased production. Croley, Martell & Associates served as advisor on the refinancing and referred the transaction to CIT Northbridge Credit.
“This financing supports us as we continue to accelerate our production, diversify our customer base and explore new opportunities,” Ben Biery, CEO of Biery Cheese, said. “We appreciate the expertise and efficiency of the CIT Northbridge Credit team throughout the financing process, as well as the guidance from our advisors at Croley, Martell & Associates.”
Founded in 1929 and spanning four generations, Biery Cheese runs a large-scale manufacturing and distribution operation offering both natural and processed cheeses in a variety of pre-packaged forms to retailers, food service companies, distribution centers and manufacturing companies. The company’s flagship facility in Louisville, OH has the capacity to support up to 130 million pounds of cheese production annually.
“Biery Cheese is a long-standing, family-owned business with established brand recognition and an experienced management team,” Neal Legan, who leads CIT Northbridge Credit, said. “We’re pleased to provide this financing to bolster Biery Cheese’s strategy, and we appreciate the important role that Croley, Martell & Associates played in the process.”
“Biery Cheese is managed by a team of industry experts with a clear vision for the future,” Cliff Croley, partner at Croley, Martell & Associates, said. “We’re grateful for the opportunity to advise Biery Cheese throughout this refinancing, as well as work with the knowledgeable professionals at CIT Northbridge Credit.”