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BofA Business Capital Provides $25MM ABL to Monterrey Provision

January 26, 2015, 08:06 AM
Filed Under: Distribution

Bank of America Business Capital has completed a $25 million ABL revolver for Monterrey Provision Co., Inc., to refinance the company’s existing debt and provide ongoing working capital financing to support the firm’s increased growth.

“We’re very pleased to expand our relationship with Bank of America Business Capital,” said Luke Abbott, CEO of Monterrey. “This is an important step in the evolution and growth of our business and our ability to provide the highest level of customer service to our customer base”.

“Our relationship with Monterrey Provision Co. is a great example of Bank of America Merrill Lynch’s ability to provide seamless and efficient credit and liquidity management solutions to our clients,” said Jeff McLane, President of Bank of America Business Capital.  “We look forward to helping Monterrey Provision grow and prosper in the coming years.”

The Natural Choice (“Monterrey”), founded in 1972, specializes in purchasing, warehousing, marketing, and distributing food and supplies to retail and foodservice customers over 16 states, primarily in the Western and South Central US. Value added services include a Direct Demos and Merchandising subsidiary that handles all in-store demos for select customers nationally, and a Specialty Cut and Wrap subsidiary that is able to custom package cut and cubed cheese with customers’ names, pricing and logos.

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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