Working capital financing to support transitional growth is supported best by three core qualities: moving fast, thinking creatively and acting strategically.
Gibraltar Business Capital (“GBC”) recently delivered on these qualities for 37th Street Bakery, a manufacturer of croissants, danishes and cinnamon rolls that serves grocery and foodservice channels. GBC also supported the company’s ownership group, including Tricor Pacific Capital, a family office based out of Vancouver, British Columbia, and 13th Floor Capital, a private equity investment firm based in Miami.
Gibraltar’s reputation for handling complex transactions, quick closings and its extensive success with financial sponsor partnerships created a seamless financing success for all parties involved.
GBC’s Financing Creativity Provides 30-Day Close to Support Growth
An expedited closing of the financing for the baked goods manufacturer was a core goal of the relationship, and GBC delivered by initially structuring advances against A/R and equipment — leading to streamlined diligence. GBC exercised creativity by closing the financing in rounds to expedite funding through systematic and successive diligence work on multiple asset classes. This unique approach strategically crafted by GBC’s team matched the speed and agility required by the company.
The company was also able to get a closed credit facility quickly, closing within 30 days of acceptance of the proposal letter. Through this financing partnership, the company was able to obtain the necessary level of working capital support for its transitional growth needs.
“As we embark on this exciting journey for our company, we are excited to partner with GBC’s team to propel our company’s growth and support our diverse customer base and vendor partners,” said Haq Chaudary, President and CEO of 37th Street Bakery, LLC. “GBC’s customer focus and nimble approach is in direct alignment with our own. The team’s ability to think swiftly and outside the box allowed us to achieve the necessary financing to support our evolving business needs.”
37th Street Bakery, which recently acquired the assets of Gold Standard Baking, represents a homage to its legacy bakery facility on 37th Street, off Kedzie Avenue on Chicago’s southwest side, where it grew over its nearly 40-year history from a small specialty bakery to among the largest in the country.
