PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Specialty Finance, a Division of Avidbank that specializes in
technology and asset-based lending, has provided financing to support
the acquisition of Red Monkey Foods by private equity firm, San
Francisco Equity Partners. The facilities include a $4 million line of
credit and an acquisition term loan.
Based in Springfield, Missouri, Red Monkey Foods is a leading provider
of organic spices, seasonings and other natural dry food products.
"Red Monkey Foods has grown tremendously in recent years and is at the
intersection of two of the fastest growing trends in the food industry:
the rise of gourmet store brand programs and the continued penetration
of organic offerings in numerous product categories," said Scott Potter,
Managing Partner at San Francisco Equity Partners. "We look forward to
partnering with management to support them in capturing the growth
opportunities in front of the company, and to further building our
relationship with Avidbank.”
“We are pleased to participate in San Francisco Equity Partners’
acquisition of Red Monkey Foods,” stated Todd Jones, Relationship
Manager, Avidbank Specialty Finance. “We are gratified to assist both
Red Monkey and San Francisco Equity Partners with this mutually
beneficial opportunity for growth.”
About Avidbank
Avidbank Holdings, Inc. (OTCBB: AVBH), headquartered in Palo Alto,
California, offers innovative financial solutions and services. We
specialize in the following markets: commercial & industrial, specialty
finance, asset-based lending, real estate construction and commercial
real estate lending, and real estate bridge financing. Avidbank advances
the success of our clients by providing them with financial
opportunities and serving them as we wish to be served – with mutual
effort, ingenuity and trust – creating long-term banking relationships.
About Red Monkey Foods
Red Monkey has become an industry leader in the organic and
all-natural spices and seasonings industry. The company’s recent growth
earned it a place in Inc. 500 as one of "America's Fastest Growing
Private Companies," and the company has been recognized with top
industry honors, including the prestigious Silver Colonel Award
nominated by Red Monkey’s national customers. Red Monkey has been
certified USDA organic as well as Kosher certified by one of the
nation’s most stringent certification board. The Company has had a
growing impact on its community by significantly increasing employment
opportunities in Southwest Missouri. Learn more about Red Monkey Foods
at www.redmonkeyfoods.com.
About San Francisco Equity Partners
San Francisco Equity Partners is a private equity firm exclusively
focused on consumer growth companies. SFEP partners with consumer
businesses that have reached an inflection point in their development,
where they can benefit not only from growth capital, but also from
SFEP’s operational, financial, and industry experience. For more
information please visit www.sfequitypartners.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170213005307/en/
Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.