MB Business Capital Announces $5.5 Million Credit Facility for Sinbad Foods
Chicago, IL (PRWEB) May 31, 2017 -- MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $5,500,000 senior credit facility to Madera, California based Sinbad Foods, LLC (“Sinbad”) as part of an acquisition by Evanston Partners, LLC and management (“Evanston Partners”). Evanston Partners acquired the assets of Rain Creek Baking Company from Kronos Foods Corp. and created the new company Sinbad Foods, LLC. Sinbad is North America's leading producer of baklava and a major producer of other handcrafted fillo dough-based products including spanakopita, tyropita and fillo dough sold under the Sinbad brand as well as under private label to the retail, club and foodservice channels. MB’s credit facility was used to support the acquisition and to fund capital expenditure and working capital needs going forward.
Evanston Partners, LLC, located in Evanston, Illinois, is a private equity investment firm which partners with management teams to recapitalize, acquire and build small growth companies. The firm seeks to work with partners who demonstrate passion, integrity and strong work ethic and to build already profitable companies with a long-term focus on value creation. While they have exceptional investing experience in a number of specific consumer and commercial industries, they are opportunistic in their approach and pursue investments in a wide range of industries. Their specific areas of investment expertise include food and food related manufacturing and distribution, packaging and niche consumer products and services. They are differentiated from other investors by their willingness to pursue truly small companies that may not be attractive opportunities to other lower-middle market private equity investors. Ideal opportunities have historical revenue of $5 million to $20 million, are profitable, growing and seeking a long term growth partner to accelerate that growth.
“MB Business Capital knows the food industry and we couldn’t be more pleased to welcome Sinbad Foods and Evanston Partners to MB,” says Michael Sharkey, President of MB Business Capital.
“We are thrilled to be working again with the terrific teams at Rain Creek Baking Company and MB Business Capital”, said William V. Glastris, Jr. of Evanston Partners, LLC. “MB provided us with a financing package that made all the difference in this transaction. The team worked with us under a compressed timeline to understand the seasonality, customer ordering patterns and near term capital expenditure needs and delivered exactly what they promised – with certainty to close.”
About MB Business Capital
MB Business Capital is the asset based lending division of MB Financial Bank, a commercial bank headquartered in Chicago, Illinois. MB Business Capital seeks asset based lending opportunities in the $5 million to $35 million range and is offering dedicated syndication opportunities of up to $100 million. The firm can also provide access to the full range of business banking products and services offered by MB Financial Bank.
About MB Financial, Inc. (NASDAQ: MBFI)
MB Financial Inc. is the Chicago-based holding company for MB Financial Bank, which has approximately $19 billion in assets and a more than one hundred year history of building deep and lasting relationships with middle-market companies and individuals. MB offers a full range of powerful financial solutions and the expertise and experience of bankers who are focused on their clients’ success. Learn more about MB Financial, Inc. at http://www.mbfinancial.com.
Karen Perlman, Senior Vice President, MB Financial Bank, http://www.mbfinancial.com, +1 847-653-1788, [email protected]
Share this article