CTI Foods, a leading custom foodservice manufacturer supplying top U.S. restaurant chains and branded food companies, today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through the expedited eight-week process, CTI has reduced its debt by more than $400 million and is moving forward with approximately $110 million of committed exit financing from a new ABL facility, providing significant financial flexibility to support continued investments on behalf of its customers.
“Today marks the beginning of the next chapter for CTI Foods as an even stronger company,” said Mike Buccheri, President and Chief Executive Officer of CTI. “Through this process and with the support of our new sponsors, we have improved our capital structure and significantly reduced our debt. CTI Foods is now well positioned to build on our core business through increased investments in innovation, product development, and food safety. As always, we will continue to focus on CTI’s core mission of delivering exceptional custom foods and culinary solutions to drive our customers’ growth goals.”
Buccheri continued, “I also want to especially thank our customers, vendors, and business partners for their support throughout this process. Our success is a testament to their belief in us, our ongoing collaboration and partnership, and the hard work of all our CTI employees. I am excited for CTI Foods’ future and honored to lead this team in the execution of our strategy for long-term growth and value creation for our vendor and customer partners.”
An investor group led by Black Diamond Capital Management, LLC, Barings LLC, and the asset management and investment advisory business of Guggenheim Partners has acquired a majority interest in CTI. The investor group is excited to partner with CTI to further strengthen its position as a leading provider of custom food products.
Barclays served as the sole arranger and sole bookrunner of the Company’s exit ABL facility.
Source: CTI Foods