Challenge

New Age was seeking a revolving line to support its acquisition of better-for-you brands, and began the financing process with a large regional bank. At the end of the day, the bank was unable to provide the availability it had originally proposed and the deal couldn’t close. Because New Age is publicly traded, the announcement of the deal was already in the press and the company was up against the clock to secure financing.

Solution

Siena was able to provide New Age with the availability it needed, in conjunction with an equity raise, so the company can continue to build out its better-for-you brands.

Result

New Age will be able to meet its inventory build-up needs as the company executes on the build out of its brands.

New Age was in a difficult position before we closed our deal with them. They had thought they had their financing in place, but discovered during the late stages that it wasn’t going to meet their needs. We stepped in and delivered a deal and structure that would get them what they needed, we executed in the timeline that they required, and now we are excited to see how these brands take off.

Stephen Fuscaldo
Director – New Business Originations, Siena Lending Group