ABL Advisor, July 21, 2021

BizCap® (Business Capital since 2002) structured and secured multi-tranche credit facilities for one of the largest branded cheese producers and processors in California. In business for over 75 years, the family-owned company is one of the most respected and recognized brands sold to over 80 retailers across the US and Mexico, including Costco, Wal-Mart, Sprouts and Kroger. In addition, it produces large block bulk cheese primarily sold to the food service industry, whey protein (a milk byproduct used primarily in sports and nutritional drinks) and owns/operates a substantial almond farming and production business with nearly 3,400 planted acres.

The funding included a global committed revolving credit facility for both the dairy and almond operations, as well as delayed draw term loan and standby letter of credit facilities. This infusion of working capital will allow the Company to ramp up both its cheese production and almond farming businesses, support the very different seasonal working capital demands required by both operations, and fund future CapEx projects which will increase production capacity and automation.

“With all of the recent challenges faced by the agriculture industry – from weather, depletion of resources to politics – BizCap was delighted to assist another farmer, the backbone of this country, with forward momentum,” said Chuck Doyle, President & CEO of Business Capital. Our client was delighted to replace their incumbent lender with a bank able to understand the complexity of financing multiple entities under one roof. The BizCap team has decades of experience and many successful agriculture transactions under our belt, so was able to quickly and clearly underwrite this client’s businesses resulting in greater access to capital at a reduced rate with a more customized intelligent structure.”