BHI, a full-service commercial bank, announced that its Food & Beverage Group has arranged a total of $61.6 million in two new financing transactions for clients Teasdale Latin Foods and Resnick Distributors.
For Teasdale Latin Foods, BHI provided a revolving line of credit to refinance existing debt and support the working capital needs of the company. With roots dating to 1942, Texas-based Teasdale is a private equity-owned food company focused on the Hispanic food category. The company has a portfolio of seven brands and works with major name brand food companies via private label and co-manufacturing relationships. This financing marks the second BHI transaction for a portfolio company of Snow Phipps Group, LLC, the private equity sponsor.
“The skilled team at BHI demonstrated their expertise at working with food and beverage companies. They fully understand our needs and support our objectives as we move ahead with our targeted plans for growth,” said Caryn Doyle, CFO of Teasdale Latin Foods.
For Resnick Distributors, based in New Brunswick, New Jersey, BHI provided financing for working capital, capital expenditures, and real estate. Founded in 1945 and now in its third generation, Resnick ranks in the top 25 largest convenience store distributors in the country.
“BHI is now our primary banking relationship and has become a trusted financial partner. The F&B group has come to know our business well, and we look forward to working with BHI on an ongoing basis into the future,” said Steven Resnick, president of Resnick Distributors.
“We are very pleased to partner with both Teasdale and Resnick. At BHI, it is our priority to forge personal and long-term relationships with clients that go beyond a single transaction. We understand the unique challenges of food and beverage companies and tailor financial solutions to meet them,” said Thomas Vigna, SVP and team leader of Food & Beverage – BHI New Jersey Representative Office.