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Tree Line Capital Provides Acquisition Financing to Kenex Holdings

March 14, 2017, 07:00 AM
Filed Under: Food Manufacturing

Tree Line Capital Partners, LLC, a direct lender focused on the lower middle market, provided a first lien credit facility and equity co-investment to support the buyout of Bubbies Homemade Ice Cream and Desserts, Inc. by Kenex Holdings, LLC.
Founded in 1985 and headquartered in Aiea, HI, Bubbies is a manufacturer of premium mochi ice cream, a Japanese-style dessert consisting of ice cream wrapped in sweet rice flour dough. Bubbies has grown to become one of the leading manufacturers of mochi ice cream in the United States with additional distribution to international markets.

Based in Chicago, IL, Kenex was founded in 2013 as an investment holding company to represent the interests of a collection of Midwest families. Kenex partners with experienced executives to acquire and grow small, private and family-owned companies with revenue under $250 million.
“Tree Line’s approach was efficient and additive to our process”, said Nick Kuneman of Kenex.  “They came up the curve quickly on Bubbies’ key growth objectives and structured a financing which will help us advance the Company’s operating plan.”

“We’re very excited to have partnered with both Kenex and Bubbies”, said Tree Line’s Managing Partner Tom Quimby, “Bubbies has an incredible product that Kenex has now surrounded with a veteran leadership team.  We believe our experience in partnering directly with lower middle market borrowers coupled with our ability to offer tailored financing solutions will be an asset to Bubbies as it takes on its next phase of growth.”

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