Cake and desserts manufacturer BBF has secured £40m through a three-year financing facility from Wells Fargo Capital Finance (WFCF).
It intends to invest the funding in its manufacturing facilities and support its future growth plans.
BBF CEO Jonathan Lill said: “The facility provided by Wells Fargo gives the business extra firepower to make further investment in all of our manufacturing sites and to deliver on our strategic growth plans.
“Wells demonstrated great appetite throughout the process to support the business and we’re excited to have secured this new funding facility.”
The financing facility comes a year after BBF purchased Greencore’s cakes and chilled desserts unit.
Following this purchase, BBF’s annual group revenues have grown to more than £150m. It has over 2,000 employees across its five facilities.
The firm has plants in the UK and Poland. These facilities manufacture a range of own-label, licensed and branded cakes and desserts.
Among the retailers that it caters for are Sainsbury’s, Asda, Tesco, Marks & Spencer, Lidl and Aldi.
Since 2015, BBF has been owned by private equity investor Endless.
WFCF UK director of loan originations Tom Weedall said: “Leveraging Wells Fargo’s platform, we are delighted to work with BBF. This funding facility will support their future working capital and growth requirements.
“Also, our tailored solution will enable BBF to continue to provide the highest level of service and award-winning products to their customers.”
