TAB Bank entered into a multi-year agreement with Hammond’s Candies to provide a revolving credit facility of $7.5 million. The facility will be used to support the company’s working capital needs as it continues to grow and expand the reach of its portfolio of gourmet chocolates, hard candies and other snacks and confections.
Hammond’s Candies was founded in Denver in 1920. The company sells its products under several different brands, including Old Dominion Peanut Company, Hammond’s Candies and American Candy Company. Hammond’s also produces on a private label basis and sells some product in bulk to customers that repackage it under their own brand.
More than 100 years ago, Carl T. Hammond, Sr. opened Hammond’s Candy Factory in Denver with a commitment to quality. While Hammond’s started as a small family business with a loyal local following, the company has grown into an iconic brand with international distribution. Hammond’s is proud to delight fans of all ages with scrumptious treats crafted by hand from start to finish.
Hammond’s is coming out of the COVID-19 pandemic stronger than ever thanks to restructuring its debt obligations and establishing a clear strategy for the future. Hammond’s online presence expanded greatly over the last 18 months and represents a huge opportunity for growth as the well-established wholesale business continues to expand. The experienced management team led by Andrew Schuman, CEO, is continuing to expand the product line with new versions of its fanciful old-time hard candies, chocolate treats and gourmet marshmallows.
“TAB Bank is excited to partner with Andrew and the management team at Hammond’s Candies. Hammond’s has a long history of delivering high quality delicious treats to market and we look forward to supporting their continued success. The TAB team was able to deliver a working capital solution that will enable the company to execute their strategy and penetrate new channels as they continue to innovate and be a leader in their space. TAB is committed to building a successful long-term relationship,” Brett Horwitz, managing director and head of origination at TAB Bank, said.
The company’s products can be found in stores across the U.S. and Canada, including Target, William Sonoma, Cracker Barrel, Harry and David, Cost Plus and many more.
“We are thrilled for the opportunity to be working with TAB as we continue to position the business for our next 100 years,” Andrew Schuman, CEO of Hammond’s Candies, said.
