Winter Harbor LLC

International Foodsource Bulk

Bulk Food Company Seeks Increased Credit Line from Lender

 

International Foodsource Bulk (IFS Bulk) is one of the largest suppliers of nuts, dried fruit and snack items in the Northeast. As a major provider of snacks to grocery and convenience stores nationwide, IFS Bulk is able to deliver the highest quality and best priced bulk foods to processors, manufacturers, stores and other volume buyers. Their wholesale product line includes: nuts, dried fruits, seeds, snack and fruit mixes, beans, grains, lentils and rice. IFS Bulk produces $55 million in revenue each year.

Our Role

Winter Harbor was engaged to assess the Company’s current business situation. Our professionals:

  • Developed a 13-week cash slow schedule.

  • Recommended restructuring initiatives focused on operational improvement and increasing gross margins.

  • Led negotiations with creditors and senior lenders on behalf of IFS Bulk.

Engagement Outcome

Winter Harbor performed a business assessment and developed a 13-week cash flow forecast model for International Foodsource Bulk. As part of our assessment, our professionals forecasted short-term revenues and liquidity levels, to help determine whether IFS Bulk would be able to meet current debt obligations. We quickly determined that cash levels were insufficient and IFS Bulk required additional capital. Our principals assisted IFS Bulk with negotiating an increased credit line from their senior lender, generating working capital to allocate towards operational expansion. The additional capital obtained on behalf of IFS Bulk allowed for improved operational and financial performance. IFS Bulk was later able to meet its debt obligations and become complaint under its credit facility.