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How a Nimble Response Enables Continued Growth: A Case Study

 

Situation:
A fourth generation family-owned business, Colonna Brothers, Inc. packages and distributes grated cheese, bread crumbs, spices and other specialty food items under its Colonna brand name and under private label brands. Veritas Financial Partners had provided a $7.5 million credit facility in August 2017 in support of Colonna Brothers’ future growth as they sought to capitalize on new opportunities. Soon after, the expanding growth of key product lines resulted in increased inventory purchases which further constrained their working capital.

Solution:
Veritas added a new incremental inventory line into Colonna’s credit facility, allowing the company to borrow against both raw materials and finished goods which had absorbed much of their working capital.

VERITAS Advantages:

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“Having a lender who can respond to our changing needs is critical. The Veritas team understood the shifting supplier demands that tied up our working capital in inventory. Tony and his team quickly reacted to improve our terms and worked to grow with us.”
— Dominick Gonnella, Chief Executive Officer, Colonna Brothers

Result:
Colonna is well-positioned for success and is anticipating an increase in their spice business. With an increased credit line, they will continue to be a leading distributor to national grocery retailers in the Northeastern U.S. 

“We are grateful the Colonna family put their trust in us. Founded in 1918, they have a long and successful history and we are thrilled to help them adjust to evolving market conditions and succeed well into the next generations.”
— Tony Liobis, Vice Chairman & Chief Credit Officer, Veritas Financial Partners

About Veritas Financial Partners

Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs, management teams and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.

Evan Nadler
Senior Vice President
(312) 809-0757
enadler@vfpfinancial.com
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Mark Seigel
President
(561) 405-4008
mseigel@vfpfinancial.com
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David Bueno
Vice President
(215) 717-7259
dbueno@vfpfinancial.com
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Tony Liobis
Vice Chairman & Chief Credit Officer
(561) 405-4003
aliobis@vfpfinancial.com
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