MidCap Business Credit Closes New $15,000,000 Credit Facility
MidCap Business Credit announced today they have closed on a $15,000,000 asset based credit facility for Foundation Food Group, Inc., headquartered in Gainesville, GA. Through its state-of-the-industry processing facilities and production capabilities, Foundation Food Group provides the food industry with a variety of distinct, value-added poultry products with the highest quality standards.
The opportunity was sourced out of MidCap’s regional office in Atlanta, GA. Rusty Bramlett, Senior Vice President of MidCap Business Credit, LLC, said, “Working with the professionals at B. Riley Advisory Services and Foundation Foods allowed MidCap to underwrite a complex transaction and provide real business solutions during these turbulent times. We look forward to working with Foundation Foods as they continue their commitment to deliver the highest quality poultry products available in the country.
Kathy Ford, Chief Financial Officer of Foundation Foods said, “We were introduced to MidCap Business Credit by B. Riley Advisory Services while working to secure financing which would facilitate the merger of two companies and consolidate their respective debt instruments. The MidCap team worked with us to identify creative solutions to both consolidate and expand our working capital line of credit, securing the merger and accommodating future growth of the company. Foundation Food Group appreciates the opportunity to partner with MidCap Business Credit and looks forward to a successful business relationship.”
MidCap Business Credit provides asset-based credit facilities to lower and middle market businesses nationwide, who have borrowing requirements from $2MM to $20MM.