Goodfood Market secured additional bank financing totaling $12 million, including a $7.5 million revolving credit facility, a $2.5 million delayed draw term loan and $2 million of other short-term financing with Desjardins Capital Markets.
The funds will be used to finance expansion and automation capital expenditures. The revolving credit facility and term loan feature flexible and attractive financial conditions including bearing variable interest at bankers’ acceptance rate plus 2.50%. Combined with its existing financing, Goodfood has now access to $30 million in credit facilities and other short-term financing.
“Goodfood already benefits from a very solid financial position and this new non-dilutive bank financing will provide us with additional flexibility to manage our capital allocation priorities and our working capital requirements to support the company’s growth objectives. This is another important milestone in our short history and demonstrates our lender’s confidence toward our long-term business model,” said Philippe Adam, CFO of Goodfood.
Goodfood is a Canadian home meal solutions company.
