(CAMBRIDGE, ONTARIO, March 8, 2011) NorthSpring Capital Partners ("NorthSpring") today announced the closing of a subordinated debt financing to Benevito Foods Inc.("Benevito Foods") Toronto, ON. NorthSpring provided a $700,000 revolving credit facility to enable Benevito Foods to continue its rapid sales growth from a combination of new customers and new product development.
About Benevito Foods:
Benevito Foods is a privately owned manufacturer of branded and private label meal solutions and baked goods, serving customers in the United States & Canada from two modern manufacturing facilities in the Toronto area.
At the production facility in Woodbridge, Ontario, Benevito Foods prepares over 100 unique products to service retail and foodservice customers. This facility has been completely updated with the latest in technology and production methods, and is HACCP certified for food safety. This plant produces a variety of fresh, pre-cooked and "freeze and thaw" pasta products, fresh sauces, international entrées and bistro style sandwiches.
From the 100,000 square foot bakery in Toronto, Ontario, Benevito Foods operates with a staff of over 300 employees seven days a week and offers 400 high quality bakery products in Daily Fresh, Frozen Batters and Packaged Retail formats. The Direct Store Delivery (DSD) service supplies daily fresh products to over 400 customers in the Windsor to Montreal corridor. The DSD service is also available to high quality Toronto bakeries whose exceptional products would otherwise not be available to cafés and restaurants throughout Ontario. Benevito Foods innovative "thaw and sell" café quality baked goods are sold in retail grocery chains throughout North America.
For further information, please visit www.benevitofoods.com.
About NorthSpring Capital Partners:
NorthSpring Capital Partners provides risk capital to small and medium sized companies with the goal of creating value. Investments range between $250,000 and $1 million in the form of subordinated debt and/or equity across a variety of traditional industries located in Southern Ontario. NorthSpring takes a flexible approach when reviewing investment opportunities and tailors its investment structure to fit the unique aspects of the business. Funds are available for:
- Management Buyouts and acquisitions
- Growth companies needing capital
- Unlocking the value of SR & ED claims
- Turnarounds, in select situations