Stampede Meat president and CEO Brock Furlong said he was confident with the new revolving credit facility, which “reflects the continued confidence in the company’s financial performance and strategic direction”. He added: “We appreciate the strong support we have received from our lender. This refinancing will provide us with an increased ability to grow and expand our business and our brand.”
According to chief financial officer Vito Giustino, the new deal has given the company “increased flexibility” and “long-term liquidity”, which will allow the business to develop with a capital structure and enable the company to feed “aggressive growth” objectives.
The agreement includes an upper-eight figure loan from Wells Fargo Capital Finance. The maturity date of the credit facility has also recently been increased until January 2015 and the credit line was also increased by eight figures.
The company specialises in center-of-the-plate beef, pork and chicken protein products for the hospitality industry, has an annual turnover of $350m, employs more than 1,000 staff and has more than 150 national and international customers.
Stampede Meat has managed to obtain a secured revolving credit facility and a term loan in the mid-eight figures as part of its foundation for growth.
