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FocalPoint Advises Tillamook Country Smoker on its Refinancing
October 11, 2022
Source: FocalPoint, a division of B. Riley Securities, Inc.
WALNUT CREEK, Calif. (October 11, 2022) — Insignia Capital Group, LP (“Insignia”) has successfully completed the refinancing of its portfolio company Tillamook Country Smoker, Inc. (“Tillamook” or the “Company”), a leading provider of hardwood-smoked meat snacks. The Company secured $75 million of total committed capital for the purposes of refinancing existing debt, funding working capital growth, and funding a dividend to Insignia. FocalPoint, a division of B. Riley Securities, Inc. ("FocalPoint"), served as exclusive financial advisor to the Company and arranged the financing.
Based in Bay City, Oregon, Tillamook manufactures, markets, and distributes a wide variety of meat snacks made from all-natural ingredients. The Company is the fastest growing among the top brands in the category and is viewed as a pioneer in the industry. Tillamook was the first brand to introduce zero-sugar jerky to consumers and continues to develop new and innovative products that appeal to the cravings of its loyal consumers.
"FocalPoint ran an efficient and thorough process, delivering an abundance of proposals from a targeted list of high-quality lenders. The team showed its expertise in navigating a disciplined process and negotiating an outcome that not only met our near-term goals, but also provided the Company with sufficient runway and capacity to execute on its future growth initiatives,” said Nick DeTrempe, Managing Director at Insignia.
Rajesh Sood, Managing Partner at FocalPoint, noted, “This transaction illustrates the continued ability of our Private Capital Advisory group to orchestrate a process that met the multiple capital needs of our client despite turbulent credit markets and broader economic concerns. Further, we were able to achieve very favorable terms while funding a dividend to Insignia.” Clay Bryan, Managing Director and leader of FocalPoint's Financial Sponsors Group, added, “We are excited to announce another exceptional outcome with a private equity client and build upon our relationship with Insignia. This transaction also highlights the collaboration across multiple FocalPoint groups, including our Sponsor Coverage, Food & Beverage, and Private Capital Advisory practices."
About Insignia Capital Group, LP
Insignia Capital is a San Francisco Bay Area private equity firm focused on lower middle-market companies. Insignia partners with company founders and management teams to help drive growth and achieve true business potential. The firm's principals have significant experience building businesses across a range of industries including consumer, business services, and healthcare. To learn more, visit insigniacap.com.
About Tillamook Country Smoker, Inc.
Tillamook Country Smoker has been providing high-quality, protein-rich, hardwood-smoked 100% USA beef jerky, smoked sausages, and silver dollars since 1975. Remaining true to its roots, its premium-cut meat snacks are handcrafted in Tillamook County, Oregon with a unique hardwood smoking process. Tillamook products are available at leading convenience, specialty, and grocery stores nationwide as well as online. To learn more, visit tcsjerky.com.
About FocalPoint, a division of B. Riley Securities, Inc.
FocalPoint, a division of B. Riley Securities, Inc., specializes in mergers and acquisitions, private placements (debt and equity), and financial restructurings. With offices in Los Angeles, Chicago, and New York, the firm provides financial advisory services to middle market clients across a broad array of industries. For more information, visit focalpointllc.com and brileysecurities.com. Follow us on LinkedIn.
Please contact Rajesh Sood, Managing Partner, at 310-405-7050, Clay Bryan, Managing Director, at 310-405-7085, Richard NeJame, Managing Director, at 917-741-8094, or Matthew Cumbee, Director, at 312-401-5255 with any questions about this transaction.
Based in Bay City, Oregon, Tillamook manufactures, markets, and distributes a wide variety of meat snacks made from all-natural ingredients. The Company is the fastest growing among the top brands in the category and is viewed as a pioneer in the industry. Tillamook was the first brand to introduce zero-sugar jerky to consumers and continues to develop new and innovative products that appeal to the cravings of its loyal consumers.
"FocalPoint ran an efficient and thorough process, delivering an abundance of proposals from a targeted list of high-quality lenders. The team showed its expertise in navigating a disciplined process and negotiating an outcome that not only met our near-term goals, but also provided the Company with sufficient runway and capacity to execute on its future growth initiatives,” said Nick DeTrempe, Managing Director at Insignia.
Rajesh Sood, Managing Partner at FocalPoint, noted, “This transaction illustrates the continued ability of our Private Capital Advisory group to orchestrate a process that met the multiple capital needs of our client despite turbulent credit markets and broader economic concerns. Further, we were able to achieve very favorable terms while funding a dividend to Insignia.” Clay Bryan, Managing Director and leader of FocalPoint's Financial Sponsors Group, added, “We are excited to announce another exceptional outcome with a private equity client and build upon our relationship with Insignia. This transaction also highlights the collaboration across multiple FocalPoint groups, including our Sponsor Coverage, Food & Beverage, and Private Capital Advisory practices."
About Insignia Capital Group, LP
Insignia Capital is a San Francisco Bay Area private equity firm focused on lower middle-market companies. Insignia partners with company founders and management teams to help drive growth and achieve true business potential. The firm's principals have significant experience building businesses across a range of industries including consumer, business services, and healthcare. To learn more, visit insigniacap.com.
About Tillamook Country Smoker, Inc.
Tillamook Country Smoker has been providing high-quality, protein-rich, hardwood-smoked 100% USA beef jerky, smoked sausages, and silver dollars since 1975. Remaining true to its roots, its premium-cut meat snacks are handcrafted in Tillamook County, Oregon with a unique hardwood smoking process. Tillamook products are available at leading convenience, specialty, and grocery stores nationwide as well as online. To learn more, visit tcsjerky.com.
About FocalPoint, a division of B. Riley Securities, Inc.
FocalPoint, a division of B. Riley Securities, Inc., specializes in mergers and acquisitions, private placements (debt and equity), and financial restructurings. With offices in Los Angeles, Chicago, and New York, the firm provides financial advisory services to middle market clients across a broad array of industries. For more information, visit focalpointllc.com and brileysecurities.com. Follow us on LinkedIn.
Please contact Rajesh Sood, Managing Partner, at 310-405-7050, Clay Bryan, Managing Director, at 310-405-7085, Richard NeJame, Managing Director, at 917-741-8094, or Matthew Cumbee, Director, at 312-401-5255 with any questions about this transaction.
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