Wells Fargo Business Credit is undertaking the recapitalization of US frozen vegetable processors and packagers Smith Frozen Foods. Investment banking firm Livingstone acted as the exclusive financial advisor to the company. Terms of the deal were not disclosed.
Livingstone, the leading independent, international investment banking firm, is pleased to announce the successful recapitalization of Smith Frozen Foods, Inc. (“Smith Frozen Foods” or the “Company”) by Wells Fargo Business Credit (“Wells Fargo”). Livingstone acted as the exclusive financial advisor to the Company. Terms of the deal were not disclosed.
Founded in 1919 and located in eastern Oregon, Smith Frozen Foods is one of the oldest and largest frozen vegetable processors and packagers in the U.S. Principal products include peas, sweet corn, and carrots, along with vegetable blends, that are sold to a diverse customer base across global channels including private label retail, food service, and other food manufacturers.
The refinancing by Wells Fargo aligns Smith Frozen Foods with a committed senior lender, while also supporting the Company’s current liquidity needs and positioning it for continued market leadership.
“Over the last nine decades Smith Frozen Foods has developed an entrenched position as one of the top players in the frozen vegetable market,” stated Joe Greenwood, Livingstone managing director. “Wells Fargo’s recapitalization provides the Company with a long-term financing partner and ample liquidity to support the anticipated growth of the business.”
The Smith Frozen Foods refinancing represents another sucessful transaction for Livingstone’s special situations and debt capital markets teams, as the firm continues its focus on raising senior and mezzanine debt for private and public companies.
Livingstone has completed six debt capital markets transactions year-to-date, and anticipates several additional closings prior to the end of 2011.
Silverman Consulting served as a consultant to the Company.