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NewStar Business Credit Provides $6MM Credit Facility to Love & Quiches

February 02, 2016, 07:40 AM

NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc., provided senior secured credit facilities totaling $6,000,000 to Love & Quiches, Ltd. (“L & Q” or the “Company”).  Founded in 1974 and headquartered in Freeport, NY, L & Q is a family-owned and operated manufacturer of a diverse line of natural, trans-fat free, desserts and quiches, which are supplied to restaurants, hotels, airlines and food service distributors. The credit facilities include a revolving line of credit and a ‘senior stretch’ term loan, which will be used to repay certain existing obligations and support the Company’s working capital needs in connection with planned growth.

Andy Axelrod, CEO Love and Quiches, commented on the transaction: “NewStar was the right partner, at the right time for our growing business. They were able to smartly assess our financial needs and put together a package which provided us with the working capital we needed to execute our business plan and further grow our business.”

“We have followed and admired this company for a number of years and are pleased to have the opportunity to provide a financing package tailored to their growth plans,” stated NewStar EVP and National Marketing Manager, Milton Iskra.

The transaction was originated by John Rossi, a Senior Vice President located in NewStar’s Boston office.

NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $30 million.  Deal structures are flexible and tailored to meet each client’s unique needs.  Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalizations and refinancings, as well as, to support internal growth strategies.

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