Industry: Wholesale Foods
Facility size: €15 million
Business need: MBO and working capital finance
Elements of the deal: €12m Invoice discounting & €3m stock loan
The business has been importing and distributing natural and organic food products to high street stores for over 35 years.
The existing management team were looking for working capital and MBO funding, and Close Brothers successfully tendered an asset based lending package consisting of a €10.5 million invoice discounting line and a €1m stock facility.
Since completion of the MBO, total facilities have grown to €15m to support increased turnover and relocation to new modern premises. This in turn has allowed the business to move away from wholesale distribution and focus on higher margin retail sales into supermarkets.