Republic partners with Midwest private equity firm to support their edible arts portfolio growing brand to meet rising demand
CHICAGO, Oct. 17, 2023 /PRNewswire/ -- Chicago-based private equity firm, Sterling Partners, tapped Republic Business Credit to help support the continued growth of one of Sterling's portfolio companies, Fancy Sprinkles. Republic provided an E-Commerce asset-based line of credit that helped the company prepare for its national rollout with one of its largest retailers, while supporting its overall online growth strategy.
Fancy Sprinkles is an edible arts company on a mission to completely revolutionize an outdated edible art and baking industry, one bite—or sip—at a time. Fancy Sprinkles is at the forefront of food-based pop culture trends and creativity, producing innovative products and decorating kits for both food and beverages. Its most popular products include sprinkles, candy melts, edible glitters and coloring gels.
Fancy Sprinkles has previously been featured on The Today Show, BuzzFeed and Bon Appétit for its unique confectionary products.
The asset-based loan Republic Business Credit provided had an accordion feature of up to $6 million, which leveraged Fancy Sprinkles' inventory and receivables across its e-commerce and wholesale business. Fancy Sprinkles is experiencing rapid growth with key retailers and sought a scalable working capital facility to expand inventory ahead of its upcoming national rollout.
Republic was impressed with the philosophy, culture and partnership mindset of the Sterling team, starting with its Chairman and Co-Founder, Steven Taslitz and Vice President, Courtney Altman. "We are thankful for Republic's support and believe this partnership will generate continued success for Fancy Sprinkles," said Taslitz.
"This partnership will enable Fancy Sprinkles to grow its brand and manage rising demand," said Altman, who played a major role in the deal.
Fancy Sprinkles CEO Kiley Anderson shared, "We appreciate the line of credit extended by Republic and are confident that this newfound relationship will help us to reach new goals and milestones as a company."
Eric Dorner, VP, Business Development, at Republic was a proponent of the initial partnership between the companies. "It was exciting to close this first deal with Sterling Partners, especially given their incredible reputation investing across the consumer-packaged goods industry, of which we continue to build an incredible portfolio of brands," Dorner shared.
"It is exciting to partner with brands that are well-supported by their equity partners and combine Sterling's forty-plus years of experience with entrepreneurial-minded capital," said Republic President, Robert Meyers.
About Republic Business Credit
Republic Business Credit is a nationally recognized commercial finance company supporting the working capital requirements of companies nationwide, including private equity and entrepreneurial businesses. Republic provides asset-based lending, ledgered lines of credit, traditional factoring, factoring and Fast AR Funding. Republic partners with its clients to provide up to $15 million in senior credit facilities to rapidly growing businesses, start-ups and companies experiencing recoverable distress. Republic is recognized by the Secured Finance Network as one of the largest finance companies in the United States of America. Republic is proud to be headquartered in New Orleans with additional offices in Chicago, Los Angeles and Houston. Republic is a wholly owned subsidiary of Renasant Bank.
About Sterling Partners
Sterling Partners ("Sterling") is a diversified investment management platform founded in 1983 and based in Chicago. The firm started with four young entrepreneurs, who went on to build one of Chicago's most prominent private equity firms. Today, the firm has expanded beyond its strong private equity practice into several other investment strategies. Complementing its institutional fund practice, Sterling invests in a wide variety of companies in various stages of growth – from early-stage, high-growth businesses to mature, profitable companies – on a deal-by-deal basis. These investments cross several industries, and the firm makes control, non-control, and preferred equity investments. Sterling adds value to its portfolio companies and the founders with whom it partners with its entrepreneurial roots, deep domain expertise, focus on transformational growth, and access to world-class executive talent. For more information, please visit http://www.sterlingpartners.com.
Media Contact
Emma Amorose, Respublica Group, 412.807.9236, [email protected], republicbc.com
SOURCE Republic Business Credit
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