The food industry is one in which Gibraltar Business Capital prides itself on having considerable understanding and expertise. This expertise has been applied recently to benefit companies in full-service food manufacturing, distribution and healthy-foods innovation.
Gibraltar has just closed on another deal with a food company, funding a $10 million credit facility for Dewey’s Bakery, Inc., headquartered in Winston Salem, NC.
Local Retail Baker Looks National
Dewey’s was founded in Winston-Salem in 1930 as a retail bakery. While continuing to operate two retail locations, the company began to expand into commercial wholesale baking ten years ago, primarily as a private label manufacturer serving many of the nation’s most respected food retailers. Now operating two large production facilities with 250 employees, Dewey’s has recently launched its own brand of cookies and crackers. Its owner and CEO, Scott Livengood, believes the company is ready to pursue this forward-looking growth opportunity.
Creative Approach Delivers Needed Support
Dewey’s required increased working capital to support this growth initiative in order to make the strategic investments necessary to market itsthe brands nationally. With an understanding of the process and the significant funding required to achieve these goals, Gibraltar’s team spent time understanding the company’s requirements and then went to work to create a financial strategy that met the company’s needs.
Gibraltar’s open-minded, entrepreneurial approach to credit structuring was especially productive for Dewey’s. Gibraltar’s team is trained to listen, think differently and take unique circumstances into account. In this case, they developed a plan to make advances, as needed, against all of Dewey’s assets, using Accounts Receivable, Inventory, and Machinery and Equipment as collateral. Gibraltar, as an expression of its confidence in the company’s prospects, also went outside the box by offering an unsecured over-advance to meet Dewey’s potential needs as it grows.
Based on its expertise in financing food products companies and taking a collaborative, individualized approach, Gibraltar was able to go above and beyond to help this company implement its growth plans.