TAB Bank Provides Hammond’s Candies of Denver with a $7.5 Million Asset-Based Credit Facility
OGDEN, Utah, Sept. 15, 2021 (GLOBE NEWSWIRE) -- TAB Bank is pleased to announce it has entered into a multi-year agreement with Hammond’s Candies to provide a revolving credit facility of $7.5 million. The facility will be used to support the company’s working capital needs as it continues to grow and expand the reach of its portfolio of gourmet chocolates, hard candies, and other snacks and confections.
Hammond’s Candies was founded in Denver, CO in 1920. The Company sells its products under several different brands, including Old Dominion Peanut Company, Hammond’s Candies and American Candy Company. Hammond’s also produces on a private label basis and sells some product in bulk to customers that repackage it under their own brand.
Over 100 years ago, Carl T. Hammond, Sr. opened Hammond’s Candy Factory in Denver with a commitment to quality. While Hammond’s started as a small family business with a loyal local following, the company has grown into an iconic brand with international distribution. Hammond’s is proud to delight fans of all ages with scrumptious treats crafted by hand from start to finish.
Hammond’s is coming out of the COVID pandemic stronger than ever thanks to restructuring its debt obligations and establishing a clear strategy for the future. Hammond’s online presence expanded greatly over the last 18 months and represents a huge opportunity for growth as the well-established wholesale business continues to expand. The experienced management team, led by Andrew Schuman, CEO, is continuing to expand the product line with new versions of its fanciful old-time hard candies, chocolate treats, and gourmet marshmallows.
“TAB Bank is excited to partner with Andrew and the management team at Hammond’s Candies. Hammond’s has a long history of delivering high quality delicious treats to market and we look forward to supporting their continued success. The TAB team was able to deliver a working capital solution that will enable the company to execute their strategy and penetrate new channels as they continue to innovate and be a leader in their space. TAB is committed to building a successful long-term relationship,” said Brett Horwitz, Managing Director-Head of Origination-Western Region.
The company’s products can be found in stores across the US and Canada, including Target, William Sonoma, Cracker Barrel, Harry and David, Cost Plus, and many more.
“We are thrilled for the opportunity to be working with TAB as we continue to position the business for our next 100 years,” commented Andrew Schuman, CEO of Hammond’s Candies.
TAB Bank provides custom working capital solutions to commercial businesses across a wide range of industries. These solutions can be customized to meet the needs of companies in all stages of the business life cycle and during any economic conditions. TAB Bank does this through a variety of asset-based structures including Asset-Based Revolving Loans, Accounts Receivable Financing, Lines of Credit, and Equipment Finance. TAB’s lending options can also be combined with a full suite of business banking solutions and Treasury Management Services.
Brett Horwitz is TAB Bank’s Managing Director and Head of Originations for the Western Region based in Los Angeles. Brett has years of experience developing client relationships and structuring credit facilities in the asset-based lending arena. Brett can be reached at 949.466.5255 or at email@example.com.
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