Varagon Capital Partners is serving as administrative agent, joint lead arranger, joint bookrunner and syndication agent on a senior secured credit facility to support the acquisition of JTM Foods by Tenex Capital Management.
Headquartered in Erie, PA, JTM Foods has been producing snack pies and other sweet treats since 1985. The company produces JJ’s Bakery branded, co-manufactured and private label sweet baked goods such as fruit-filled snack pies, mini pies and crispy rice treats.
“We believe Tenex is the ideal partner for JTM and that the team’s manufacturing expertise will be highly beneficial as our business continues to grow and we work to enhance our offering and service the needs of our customers,” Monty Pooley, president and CEO of JTM Foods, said.
“Tenex is honored to be partnering with Monty and the entire JTM family. After the new leadership team was assembled from 2016 to 2018, the business has experienced dramatically improved growth and operational performance thanks to their efforts. We look forward to working with our new partners to delight customers and expand our capabilities across the sweet baked goods industry,” Gabe Wood, managing director of Tenex Capital Management, said.
