ATLANTA--(BUSINESS WIRE)--Bibby Financial Services, Inc. (BFS) announces a $5.5 million asset-based lending (ABL) facility to Sprout, a developer, marketer and distributor of premium organic foods. The financing will allow the company additional cash liquidity to support projected growth. Sprout, which pioneered the launch of the organic pouch segment with a focus primarily on organic baby food, recently expanded its product offerings to toddler and adult products and is looking toward expected growth.
According to a 2015 report by Allied Market Research, the global baby food market is estimated to garner a revenue of $72.7 billion by 2020. Specifically, prepared baby food is the second-largest market globally and is projected to grow the fastest during the next several years. Based on this anticipated need for working capital, the company’s private equity partner, North Castle Partners, approached BFS to explore financing options to increase working capital resources.
“We are pleased to have been selected by North Castle Partners and Sprout as a funding partner and have been impressed with the professionalism and commitment to growth exhibited by both,” states Barry Kastner, Executive Vice President, Bibby Financial Services. “Fortunately, each recognized that we thrive in funding situations where persistence and flexibility can lead to growth for our clients.”
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 9,500 businesses worldwide providing more than $1 billion in funding globally. With over 40 operations in 14 countries spanning Europe, North America and Asia, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services North America has seven offices in the U.S. and Canada that support businesses in virtually any industry. We hold memberships in the Commercial Finance Association, the International Factoring Association, and the American Finance Association. Bibby Financial Services is part of Bibby Line Group (BLG), a diverse and forward-looking family business with over 200 years’ experience of providing personal, responsive and flexible customer solutions. To find out more about Bibby USA and Bibby Canada, please visit www.bibbyusa.com or www.bibbycanada.ca.
