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Essex Capital Closes $7.5MM Term Debt Capital Raise

April 11, 2017, 07:00 AM
Filed Under: Food Manufacturing

Essex Capital Group, Inc. announced that the firm recently arranged a $7,500,000 term debt capital raise for Fancy Pokket USA, LLC, the recently-formed United States subsidiary of Fancy Pokket Corporation, Atlantic Canada's largest producer of pita bread, bagels and tortilla wraps.

The principal at Fancy Pokket hired Essex after an extended search in the credit markets had come up short on financing needs to fund the company's U.S. expansion. Within 2 weeks of engagement, Essex was able to arrange a financing term sheet that provided the company with the requested debt capital.

The new debt facility will allow the company to finalize the build out and equipment installation at its state-of-the-art 58,000 square foot bakery envisioned and built from the ground up by the principal. The facility will open within weeks and will be dedicated gluten-free. Products offered in the United States will include such items as breads, baguettes, hot dog and hamburger buns, muffins, brownies and other baked goods.

Rob Swain, Essex President, commented, "This transaction is the second deal in the last 6 months that we've closed for a startup Company.  While Fancy Pokket has a tremendously successful track record in Canada, the principal needed a term debt facility to complement his equity investment and build a new gluten free facility in South Carolina, serving the US market. We were happy to be able to execute a long term debt capital raise for Fancy Pokket that will fund the remaining necessary capital expenditures and offer the Company a substantial working capital runway to launch their U.S. business."

Essex Capital acted as the Company's exclusive advisor in this transaction.

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