SG Credit Partners, through its commercial finance division, has provided a senior debt credit facility to a multi-generation, family-owned food distribution company.
For the past several years, the company was financed by a money center bank. When the company experienced some stress caused by three extraneous factors that affected profitability, the bank asked company management to seek alternative financing. The SG Credit team put in the time to understand the business and develop a solution that would not only give the company covenant relief but additional availability on the line of credit.
“Our team at SG Credit enjoyed working with the company starting with the first discussion. This continued through multiple meetings and through the diligence process,” Bill Drmacich, managing director of originations at SG Credit, said. “We were impressed by the management team, the operation and the long history of this company. The family has built a national reputation and differentiates itself though its commitment to service, product assortment and authenticity.”
