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Food ingredients supplier Jain International Foods has secured a $55 million cross-border asset-based lending (ABL) and cash flow facility from private debt fund Blazehill Capital, alongside Wells Fargo USA and KBC.

Goldberg Kohn Principals Bill StarshakPrisca Kim and Randall Klein represented Wells Fargo in the transaction. Blazehill Capital and Wells Fargo USA structured the hybrid ABL and cash flow facility, which can be drawn in the United Kingdom and the United States to maximize flexibility.

Proceeds from the financing will be used to refinance existing indebtedness and provide additional liquidity to support Jain International Food’s working capital, enhance its food innovation capabilities and drive cost efficiencies.

In a company press release, Paul Lawlor, CFO of Jain International Foods Ltd, said: “This new facility represents a pivotal moment in our business journey. As demand for long shelf-life food products grows, we’re positioned to capitalize on burgeoning market opportunities and further enhance our industry leadership. The Blazehill Capital and Wells Fargo teams worked closely with us to understand our unique needs and establish a facility tailored to our ambitions.”

With an expected consolidated revenue of approximately $160 million in 2023, Jain International Foods is a subsidiary of Jain Farm Fresh Foods Limited, a processor of fruits, vegetables and spices. It consists of three entities, Jain Farm Fresh Food Inc., Sleaford Quality Foods Limited and Innovafood N.V.