Imperial Frozen Foods

Business Capital Delivers $14MM Working Capital for Frozen Foods Supplier

From beginning to end, dealing with Business Capital was a great experience. Their knowledge of the marketplace combined with a process run like a well-oiled machine, resulted in a wide range of options customized to fit our company goals.” – Nick Kuneman, Partner, Kenex Holdings

Our Client:

The Company, based in Wake Forest, NC is a leading supplier of Grade A conventional and organic frozen fruits for the retail segment. As a long term supplier for a suite of high quality branded and private label frozen fruit products, Imperial serves over 50 retail grocers with over 10,000 locations and ships more than 30 million pounds of product each year.

The Situation

As part of their strategy for growth, the Company was under LOI to acquire a complementary frozen vegetable company. The purchase would provide immediate vertical product integration, market expansion, as well as operational synergies with packing and distribution facilities. Imperial required a new ABL facility with more desirable terms to generate the additional liquidity needed to support the acquisition and ongoing operations of both companies.

The Solution

Business Capital was brought in by Imperial’s Private Equity Sponsor, Kenex Holdings, to assist with delivering a working capital facility to provide the cash flow needed to successfully manage the acquisition and resulting complexity of operations. BizCap worked quickly to structure and close the financing transaction, providing a seamless transition without operational disruption. Imperial Frozen Foods is now well positioned to move forward with their plans for optimized growth and market expansion.

We are thrilled to play a role in assuring the strategic expansion of Imperial Frozen Foods. Our team and process moved efficiently to successfully close this financing transaction and position the Company for continued growth as a leader in the frozen food products sector.” – Chuck Doyle, Managing Director, Business Capital

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