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Bank of America Business Capital Provides $21.4MM to Pro-Pet

December 15, 2014, 08:19 AM
Filed Under: Consumer Products

Bank of America Business Capital has provided $21.4 million in senior secured credit facilities for Pro-Pet, LLC, a portfolio company of H.I.G. Capital. Proceeds will be used to refinance existing indebtedness and warrants, pay fees and expenses associated with the financing, provide ongoing working capital and provide funds for future growth.

 “We’re thrilled to have entered into this relationship with Bank of America Business Capital”, said James Wiegmann, Pro-Pet’s chief executive officer. “This is an important step in the evolution of our business.”
“Our new relationship with Pro-Pet demonstrates our ability to deliver seamless and efficient credit solutions to our clients,” said Jeff McLane, president of Bank of America Business Capital. “We look forward to helping Pro-Pet grow and prosper in the coming years.”

William Nolan, Managing Director of H.I.G. Capital noted, “We are very excited to partner with Bank of America to support Pro-Pet’s continued growth. The company has demonstrated its leadership position as a high quality producer of private label pet food for almost 15 years, and we look forward to assisting the management team in continuing to grow the company.”

Mark Blankstein, Bank of America Merrill Lynch senior business development officer added “We are pleased to be working closely with H.I.G. and Pro-Pet’s management team to support the company’s growth in the fast-growing fresh meat segments.”

Pro-Pet, LLC manufactures premium and super-premium, private label pet foods for distribution domestically and around the world. Pro-Pet, LLC was founded in 1996 and is based in St. Marys, Ohio. It has production locations in St. Marys, Ohio; Kansas City, Kansas; and Owatonna, Minnesota.
H.I.G. Capital is a leading global private equity investment firm with more than $17 billion of equity capital under management (based on total capital commitments to funds managed by H.I.G. Capital and its affiliates). Based in Miami, and with offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses.

H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 80 companies with combined sales in excess of $30 billion. 

Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than ten primary offices serving the United States, Canada and Europe. It provides corporate borrowers with senior secured loans of $10 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.

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