Following the successful acquisition and relaunch of the iconic Chipwich brand, Crave Better Foods has plans to continue to refine and reintroduce well-known brands to consumers with the help of Cambridge Savings Bank (CSB). The full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced that its Asset-Based Lending team provided a revolving line of credit to Crave Better Foods, LLC, a provider of premium ice cream cookie sandwiches and frozen novelties located in Stamford, Connecticut.
In collaboration with private equity firm, Cannon Capital, the company acquired the Original Chipwich trademark in 2017 and has since updated the ingredients and been distributing the product in stores across the country.
As it continues expansion plans, Crave Better Foods was looking to establish a relationship with a banking partner to help facilitate future buyouts and growth initiatives. The revolving line of credit provided by CSB will allow the company to grow the business via similar acquisitions.
“We have been in the market for a banking partner to support our rapidly growing business for a few years, and after conversations with a number of different banks, I am extremely pleased with our decision to work with Cambridge Savings Bank,” said David Clarke, CEO, Crave Better Foods. “Our partners at CSB have been patient, flexible, and supportive throughout the entire process, taking the time to intimately understand our business to shape an innovative lending solution that will be critical to our success.”
With ice cream being a seasonal business, Crave Better Foods will also leverage the capital provided by CSB to resolve inventory challenges throughout the year. The credit facility will allow Crave Better Foods to build inventory through the winter and spring seasons to support the influx of sales it experiences during the summer months.
About Crave Better Foods, LLC
Founded by packaged goods industry veteran David Clarke, in collaboration with Cannon Capital, Crave Better Foods is on a mission to find and revitalize authentic, well-loved brands. Crave Better products are made with integrity and premium ingredients to deliver authentic experiences and great taste that today’s consumers demand.