Gibraltar Business Capital (GBC) supported 37th Street Bakery, a manufacturer of croissants, danishes and cinnamon rolls that serves grocery and foodservice channels. GBC also supported the company’s ownership group, including Tricor Pacific Capital, a family office based out of Vancouver, British Columbia, and 13th Floor Capital, a private equity investment firm based in Miami.
An expedited closing of the financing for the baked goods manufacturer was a core goal of the relationship, and GBC delivered by initially structuring advances against A/R and equipment — leading to streamlined diligence. GBC exercised creativity by closing the financing in rounds to expedite funding through systematic and successive diligence work on multiple asset classes. This unique approach strategically crafted by GBC’s team matched the speed and agility required by the company.
The company was also able to get a closed credit facility quickly, closing within 30 days of acceptance of the proposal letter. Through this financing partnership, the company was able to obtain the necessary level of working capital support for its transitional growth needs.
“As we embark on this exciting journey for our company, we are excited to partner with GBC’s team to propel our company’s growth and support our diverse customer base and vendor partners,” Haq Chaudary, president and CEO of 37th Street Bakery, said. “GBC’s customer focus and nimble approach is in direct alignment with our own. The team’s ability to think swiftly and outside the box allowed us to achieve the necessary financing to support our evolving business needs.”
