New Age is a public company that started out as a microbrewery and morphed into a beverage distributor. More recently, New Age morphed again—into a beverage company—and acquired some better-for-you brands like Coco Libre. Today, the company is in the early stages of building out its brands, an expensive proposition that requires a great deal of marketing and advertising and related expenditures.
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.
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.
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.”
