Audax Private Debt supports Tenex Capital’s buyout of JTM Foods

Audax Private Debt has provided a credit facility to back Tenex Capital's acquisition of Erie, Pennsylvania-based JTM Foods, a maker of private label and branded snack pies and crispy treats.

Audax Private Debt has provided a credit facility to back Tenex Capital’s acquisition of Erie, Pennsylvania-based JTM Foods, a maker of private label and branded snack pies and crispy treats. No financial terms were disclosed.

PRESS RELEASE

NEW YORK–(BUSINESS WIRE)–Audax Private Debt announced that, as lead investor and Collateral Agent, it provided a Second Lien Credit Facility supporting Tenex Capital Management’s (“Tenex”) acquisition of JTM Foods (“JTM” or the “Company”).

Headquartered in Erie, PA, JTM Foods is a leading manufacturer of private label and branded snack pies and crispy treats. As a trusted source for high-quality treats, JTM makes its products fresh every day using homemade dough and real fruit fillings based on classic recipes. The Company sells its handheld pies under the JJ’s Bakery brand, in addition to an array of private label snack pies and crispy treats, distributing to grocery, convenience, value, dollar and mass retailers across the country. JTM also co-manufactures products for leading branded food companies throughout North America.

Audax Private Debt provided staple financing as the incumbent lender to JTM and brought speed and certainty to enable an efficient close of the transaction. Blake Loweth, Managing Director at Audax Private Debt said, “We’ve supported JTM since 2014, and have seen management build the Company into a leading national supplier of high-quality snack pies and treats. We are thrilled to continue our partnership with the JTM team and look forward to working closely with Tenex to support the next phase of the Company’s growth.”

About JTM Foods
JTM Foods is a leading manufacturer of private label and branded snack pies and crispy treats. Selling directly to retailers and distributors under the JJ’s Bakery brand and through co-packing arrangements with other food producers and retailers, the Company’s product offerings include snack pies and crispy treats. For more information, visit www.jjsbakery.net.

About Audax Private Debt
Based in New York, Audax Private Debt is a leading debt capital partner for North American middle market companies. Since its inception in 2000, Audax Private Debt has invested over $23 billion across more than 860 companies in support of over 240 private equity sponsors, and has raised over $17 billion in capital. The platform offers its clients a range of financing solutions, including first lien, stretch senior, unitranche, second lien and subordinated debt, as well as equity co-investments. With more than 40 investment professionals and 80 total employees, Audax Private Debt provides financing certainty, add-on investment capability, and the experience and collaborative approach to partner with private equity firms and their portfolio companies. For more information, please visit www.audaxprivatedebt.com or follow us on LinkedIn.