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MB Business Capital Provides $13.4MM Facility to Innovative Flexpak, LLC

March 06, 2017, 07:29 AM
Filed Under: Packaging

MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new $13.4 million senior credit facility to Springville, Utah-based Innovative Flexpak, LLC.  IFP is a leading single serve packaging, flexible packaging and bottling lines of gels, purees, and liquids in the flexible fill form and seal packaging segment (tear-top pouches). Today, IFP is the largest supplier of custom single serve tear-top pouches. With significant investments in packaging and pasteurization equipment, IFP has the capability of filling hundreds of thousands of pouches a day to meet the demands of small and large production runs.

MB’s credit facility will be used going forward to fund working capital needs to support continued growth of the business.

IFP is a portfolio company of Southfield Mezzanine Capital.  Southfield is an SBIC fund with $150 million of capital, making both debt and equity co-investments in lower middle market companies throughout the U.S.  Southfield provides capital to companies for acquisitions, growth and recapitalizations. Headquartered in Greenwich, Connecticut, Southfield also has an office in Los Angeles.

IFP is also a portfolio company of Convergent Capital, a Minneapolis, Minnesota based investment firm.  Convergent Capital offers structured capital to assist in the growth and/or acquisition of businesses committed to long-term, sustainable growth in a broad range of industries. Convergent is focused on providing debenture and equity capital investments in a variety of situations, structuring investments around recapitalizations, sponsored buyouts, management buyouts, consolidations and add-on financings to our existing portfolio companies for acquisitions or other special situations.

The vitamin, health food and supplement manufacturing industry continue to grow as more consumers become health conscious, and manufacturers have continued to increase their product offerings.

“Factors like an aging population and higher demand will allow the industry to continue to grow. And IFP will be able to meet customer demand and continue their growth. We are happy to welcome Innovative Flexpak.” says Michael Sharkey, President of MB Business Capital.

“We’re delighted to have MB Business Capital join Southfield and Convergent to support the exemplary growth of IFP in the marketplace”, says Eric Sloane, Managing Partner of Southfield Mezzanine Capital.  “In addition to the financial backing, MB Business Capital’s Mark Looft and Michael Sharkey are seasoned professionals whose experience will be a tremendous resource for the IFP team going forward – it’s an all-around win.”

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