MB Business Capital provided a new $13.4 million senior credit facility to Springville, UT-based Innovative Flexpak. IFP makes single serve packaging, flexible packaging and bottling lines of gels, purees and liquids in the flexible fill form and seal packaging segment.
Today, IFP is the largest supplier of custom single serve tear-top pouches. With significant investments in packaging and pasteurization equipment, IFP has the capability of filling hundreds of thousands of pouches a day to meet the demands of small and large production runs. MB’s credit facility will be used going forward to fund working capital needs to support continued growth of the business.
IFP is a portfolio company of Southfield Mezzanine Capital, an SBIC fund with $150 million of capital, making both debt and equity co-investments in lower middle market companies throughout the U.S.
IFP is also a portfolio company of Convergent Capital, a Minneapolis-based investment firm. Convergent Capital offers structured capital to assist in the growth and/or acquisition of businesses committed to long-term, sustainable growth in a broad range of industries.
“Factors like an aging population and higher demand will allow the industry to continue to grow. And IFP will be able to meet customer demand and continue their growth. We are happy to welcome Innovative Flexpak,” said Michael Sharkey, president of MB Business Capital.