US: Produce firm Vaughan Foods secures credit facility
US fresh produce group Vaughan Foods has secured a US$5m revolving credit facility.
Vaughan, the salads-to-sauces firm, struck the deal with the International Bank of Commerce on New Year's Eve.
"The new loan agreement will provide us the flexible financing we need to continue growing and expanding our business," said chairman and CEO Herb Grimes yesterday (3 January).
In November, Vaughan posted third-quarter results boosted by the June acquisition of Allison's Gourmet Kitchens.
Operating income reached US$432,000 for the three months to the end of September. The company booked a loss of $312,000 a year earlier.
Net sales leapt 58% to $20.5m thanks, Vaughan said, to the acquisition of Allison's, a salads and desserts firm earlier this year.
Vaughan Foods has posted a 66% rise in first-quarter sales, which rose to US$20.8m on the back of its Allison's Gourmet Kitchen acquisition....
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