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Wells Fargo Capital Finance Leads $1B Credit Facility for SpartanNash

December 03, 2013, 07:48 AM
Filed Under: Distribution

Wells Fargo Capital Finance announced that it served as lead arranger in a $1 billion credit facility for SpartanNash that will be used for working capital and general corporate purposes including the recent completion of the Spartan Stores, Inc. and Nash Finch Company merger.

“We are pleased to have provided this financing to SpartanNash, one of the largest grocery distributors in the U.S.,” states James Dore, president of the commercial and retail finance group at Wells Fargo Capital Finance.  “This is an important relationship to us, and we look forward to working closely with SpartanNash as they continue to grow.”

SpartanNash is a Fortune 500 company and the largest food distributor serving military commissaries and exchanges in the United States, in terms of revenue. The company’s core businesses include distributing food to military commissaries and exchanges and independent and corporate-owned retail stores located in 44 states and the District of Columbia, Europe, Cuba, Puerto Rico, the Azores, Bahrain and Egypt. SpartanNash currently operates 177 supermarkets, primarily under the banners of Family Fare Supermarkets, No Frills, Bag ‘n Save and Econofoods.

“Wells Fargo has been an important part of our success, bringing us the tools and solutions to help us meet our financial needs,” states David M. Staples, Executive Vice President and Chief Financial Officer of SpartanNash. “As we continue to grow our business, we will look to such relationships as Wells Fargo to help us navigate through the evolving grocery industry landscape.”

Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally.

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