Alteri Bakery parent secures equity financing
June 08, 2009
by Eric Schroeder
GOVERNEUR, N.Y. — Seaway Valley Capital Corp., a holding company whose portfolio of companies include Alteri Bakery, has reached agreement for equity financing of up to $20 million from Boston-based Auctus Private Equity Fund, L.L.C.
Thomas Scozzafava, chief executive officer of Seaway Valley, said the funds primarily will be used to repay debt associated with Hackett’s Stores, Inc., but also will be used for capital equipment additions at Alteri Bakery.
Alteri Bakery, which has served the north country region with baked foods since 1971, is one of the last traditional Italian bakeries in the area, and product lines includes Italian bread and specialty pastry items, such as cakes, cookies, muffins, bagels, and specialty gift baskets.
Last October, Seaway Valley joined Fields as Factories, L.L.C. and Golden Technology Ventures to form North County Farms, L.L.C., a company that pursues value-added agricultural production, processing and marketing ventures with an initial focus on flour production.