SAN JOSE, Calif.--(BUSINESS WIRE)--
Avidbank Specialty Finance, a Division of Avidbank that specializes in
technology, sponsor finance and asset-based lending, has provided an
acquisition term loan and a working capital line of credit to Red Monkey
Foods (“RMF”).
Founded in 2002 and headquartered in Springfield, Missouri, RMF is a
leading provider of private label organic spices, seasonings and other
natural dry food products. In November of 2017, RMF completed the
acquisition of San Francisco Salt Company (“SFS”), a premier provider of
specialty bath and gourmet salts founded in 2002 and located in San
Francisco, California.
SFS was RMF’s first corporate acquisition and was led by majority owner,
San Francisco Equity Partners (“SFEP”). In conjunction with the close,
Avidbank increased its existing credit facilities to support the
acquisition and future growth. With the increased facilities, RMF and
SFS are poised for tremendous growth fueled by category expertise and
strong industry tailwinds.
“We are pleased to participate in Red Monkey Foods’ acquisition of San
Francisco Salt,” said Larry LaCroix, Executive Vice President and Head
of Avidbank’s Specialty Finance Division. “The new credit facility
reflects our ongoing commitment to our clients’ growth. Moreover, we
have further strengthened our partnership with Red Monkey Foods and
their equity sponsor, SFEP, as they accelerate into adjacent markets.”
Scott Bolonda, CEO of Red Monkey Foods, said, “With Avidbank’s
assistance, we were able to execute on this important acquisition of San
Francisco Salt Company. Avidbank has proven to be a valued partner for
Red Monkey Foods.”
“The Avidbank team has been a value-added partner of SFEP’s acquisition
and subsequent growth of Red Monkey Foods,” added David Mannix, Partner,
San Francisco Equity Partners. “This support continues with providing a
term loan for the recent add-on acquisition of San Francisco Salt
Company.”
About Avidbank
Avidbank Holdings, Inc. (OTC Pink: AVBH), headquartered in San Jose,
California, offers innovative financial solutions and services. We
specialize in commercial & industrial lending, technology and
asset-based lending, specialty finance, real estate construction and
commercial real estate lending. Avidbank provides a different approach
to banking. We do what we say.
About Red Monkey Foods
Red Monkey Foods is a leading supplier of premium natural and organic
store brand spices and seasoning blends. Red Monkey is certified USDA
organic, and produces its products in an SQF level III facility. 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/20180216005132/en/
Avidbank Holdings, Inc.
Steve Leen, 408-831-5653
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.