MidCap Business Credit completed a $27 million asset based credit facility for a multi-generational family owned commercial bakery located in the Mid-Atlantic region. The company manufactures bread products and distributes to various customers across the United States.
The credit facility was comprised of a working capital revolver and equipment term loans. The credit facility will be used to support the company’s working capital needs and refinance the existing debt.
The opportunity was sourced out of MidCap’s regional office in Baltimore. Bruce Pavesich, senior vice president of MidCap Business Credit, said, “We were able to quickly provide a creative and flexible Asset Based Line of Credit. Our new loan will be utilized to support the company’s growth trajectory and provide support for increased capex investment. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”
