Insignia Capital Group completed the refinancing of its portfolio company Tillamook Country Smoker, a provider of hardwood-smoked meat snacks. The company secured $75 million of total committed capital for the purposes of refinancing existing debt, funding working capital growth, and funding a dividend to Insignia. FocalPoint, a division of B. Riley Securities, served as exclusive financial advisor to the company and arranged the financing.
Based in Bay City, OR, Tillamook manufactures, markets and distributes a wide variety of meat snacks made from all-natural ingredients. The company is the fastest growing among the top brands in the category and is viewed as a pioneer in the industry. Tillamook was the first brand to introduce zero-sugar jerky to consumers and continues to develop new and innovative products that appeal to the cravings of its loyal consumers.
“FocalPoint ran an efficient and thorough process, delivering an abundance of proposals from a targeted list of high-quality lenders. The team showed its expertise in navigating a disciplined process and negotiating an outcome that not only met our near-term goals, but also provided the company with sufficient runway and capacity to execute on its future growth initiatives,” Nick DeTrempe, managing director at Insignia, said.
“This transaction illustrates the continued ability of our private capital advisory group to orchestrate a process that met the multiple capital needs of our client despite turbulent credit markets and broader economic concerns,” Rajesh Sood, managing partner at FocalPoint, said. “Further, we were able to achieve very favorable terms while funding a dividend to Insignia.”
“We are excited to announce another exceptional outcome with a private equity client and build upon our relationship with Insignia,” Clay Bryan, managing director and leader of FocalPoint’s financial sponsors group, said. “This transaction also highlights the collaboration across multiple FocalPoint groups, including our sponsor coverage, food and beverage and private capital advisory practices.”
