Investment banking firm’s efforts assist leading integrated frozen fruit processor in obtaining financing for the growth it sees in core businesses.
September 26, 2002, Washington, D.C. – The Food Partners (TFP), a national investment banking firm focusing exclusively on the food chain, said that it advised Atwater, CA-based J.R. Wood (JRW) in connection with today’s placement of a new revolving credit facility for the frozen fruit processor.
The new credit line, which includes participation by Harris Trust and Savings Bank, US Bank N.A. and LaSalle Bank N.A., is expected to finance continuation of the solid growth JRW has experienced since it eliminated a number of non-core businesses in a recent restructuring, according to Greg Costley, JRW, president and chief executive officer.
“This facility, along with a renewed focus on our primary business, positions JRW for the future and allows us to meet the needs of our strong core customer base,” said Costley.
“In terms of the transaction itself, TFP’s assistance was critical. Their extensive industry experience was invaluable. More importantly, their thorough knowledge of the industry’s lending sources was key to our obtaining financing and terms appropriate to our needs – and in a timeframe many thought was not possible,” he said.
“Over the years, I have usually been disappointed by consultants and advisors, but I have nothing but respect for TFP. They certainly earned their keep on this one,” he added.
JRW is a leading fruit processor with fully integrated operations from the orchard to the customers’ door. A world leader in frozen peaches, the Atwater, CA-based company also processes and sells frozen strawberries, blueberries, raspberries, apricots and mixed berries to a nationwide customer base that includes retail supermarkets, mass merchandisers, club stores, foodservice companies, manufacturers and the U.S. government.
The Food Partners, with offices in Washington, DC, and Seattle, WA, is a national investment banking firm focusing exclusively on the food chain and its capital sources. TFP provides merger, acquisition and divestiture services, private placements of debt and equity capital, financial restructuring, strategic advisory and loan portfolio services. TFP focuses on the middle market with a particular emphasis on privately held businesses and cooperatives. TFP’s website is at www.https://thefoodpartners.com.
