Siena Lending Group closed a $52.5 million credit facility to support the refinancing and working capital for growth of a food distribution company.
The transaction presented Siena with an opportunity to leverage the company’s entire balance sheet (accounts receivable, inventory, equipment and real estate) to maximize the liquidity available to the company. Structured as a committed asset-based revolver, the credit facility provides additional financing to accelerate the company’s future growth initiatives, including strengthening customer relationships, broadening its offerings and responding to increased demand.
“We greatly appreciate the support of the Siena team in making the staff and management of the company feel welcome,” the founder and CEO of the company, said. “The trust they showed in us with their financing support will be invaluable as we start on a solid path to future growth. We can’t thank them enough.”
Duane Morrison, director – new business originations at Siena, added, “This transaction demonstrates Siena’s determined and creative approach to provide the company with the liquidity needed to pursue their growth objectives. We valued the collaborative environment with the company’s board of directors and senior management team, which was integral to closing the transaction.”
