FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


AloStar Business Credit Provides Senior Secured Credit Line, Term Loan to Murry’s, Inc.

December 04, 2013, 07:57 AM

AloStar Business Credit has provided a senior secured credit line and term loan to Murry’s, Inc., a producer and supplier of frozen breakfast, lunch and dinner food products. Terms of the senior secured credit line and term loan were not disclosed.

Headquartered in Upper Marlboro, MD, Murry’s, Inc. was originally founded in 1948 from the back of a neighborhood grocery store. The company eventually began processing and wholesaling frozen sandwich steaks and uncooked breaded/battered items to local restaurants. Today, Murry’s processes food products that are sold to supermarkets and other retail establishments throughout the U.S.

Murry’s operates its business through three divisions – national sales, food stores and route sales. Through the national sales division, Murry’s distributes its products to grocery chains and foodservice customers across the country. Additionally, through its food store division, the company operates 23 limited assortment value concept food stores in Washington, D.C., Maryland, Virginia and Philadelphia.

“We are excited about our new partnership with Murry’s, Inc.”, said Andy McGhee, president of AloStar Business Credit. “The company is equipped with strong capital resources to support its continued growth over the next several years.”

“AloStar understood how best to structure our deal based on our needs,” said Ira Mendelson, chairman, president and CEO of Murry’s, Inc. “We were immediately impressed with AloStar and once we met with senior officers our initial reaction was reinforced. AloStar handled the process both efficiently and professionally.”

AloStar Business Credit provides asset-based lending products nationwide to businesses ranging between $20 million and $300 million in revenue and with financing needs ranging between $5 million and $20 million. AloStar Business Credit is the asset-based lending arm of AloStar Bank of Commerce.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.