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MB Business Capital Funds Facility for Richmond Wholesale Meat

April 14, 2016, 07:39 AM

MB Business Capital, a division of MB Financial Bank, N.A., announced it recently provided a new senior credit facility to Richmond, California-based Richmond Wholesale Meat. Richmond is one of the nation’s largest distributors of frozen, chilled and dry food products serving California, Hawaii, Pacific Islands, Pacific Rim, and the United States Government worldwide.  Proceeds of the facility were used to refinance existing debt and to fund working capital needs.

“Our portfolio is comprised of approximately 10% food and beverage related companies, so we understand the food industry very well.  We welcome Richmond Wholesale Meat and look forward to fostering a long and lasting relationship,” says Michael Sharkey, President of MB Business Capital.

Rich Doellstedt, President of Richmond Wholesale Meat says, “We needed a lender that understood our multi-faceted business, our industry and was willing to structure a custom deal for us. The team at MB Business Capital was able to craft an innovative and aggressive facility tailored to our requirements. They really listened to us and delivered that custom structure that we believe will stand the test of time for our mutual company’s needs.”

MB Business Capital is the asset-based lending division of MB Financial Bank, a commercial bank headquartered in Chicago, Illinois.  MB Business Capital seeks asset-based lending opportunities in the $5 million to $50 million range and is offering dedicated syndication opportunities of up to $100 million.

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