Hearthside Food secures additional financing
June 19, 2012
by Eric Schroeder
CHICAGO — GE Antares, a unit of GE Capital, has agreed to provide a $400 million senior credit facility to Hearthside Food Solutions, the nation’s largest privately held bakery.
The financing, which is part of private equity firm Wind Point Partners recapitalization of Hearthside, consists of a $340 million term loan, a $30 million delayed draw term loan, and a $30 million revolving credit facility.
“We are excited to join with GE Antares and appreciate their support of our company as we continue to grow and build our business,” said Rich Scalise, chairman and chief executive officer of Hearthside Food. “GE Antares has proven to be a trusted source for our financing needs and continues to exceed our expectations.”
Founded in 2009, Hearthside is a full-service contract manufacturer of grain-based foods and snack products. The company operates 13 food manufacturing facilities in Michigan, Ohio, Indiana, Kentucky, Minnesota and Oregon.