BHI, a full-service commercial bank, announced that its Food & Beverage Group has arranged a $16.5 million credit facility for White Toque, a leading importer and distributor of European specialty fine foods. With this financing, BHI’s new F&B Group, which launched last year, originated over $100 million in credit facilities across various F&B categories in 2019.
“We take a personal approach to working with food and beverage companies, offering the tailored credit solutions they need for the continued expansion of their businesses. We look forward to a long-term and rewarding relationship with White Toque,” said Thomas Vigna, SVP and Team Leader of Food & Beverage - BHI New Jersey Representative Office.
Headquartered in New Jersey with operations in California, Florida and Canada, White Toque sells both frozen and dry specialty foods to more than 250 distributors and wholesalers across the US. White Toque products include fine condiments and jams, cheeses, appetizers, vegetables, bread, pastry and desserts. The company will use the financing to fund further the expansion of its operations and product lines.
“We are very pleased to be working with BHI as we look to increase our footprint in the specialty and frozen food industry. The BHI team understands our needs as we move ahead with the implementation of our targeted expansion strategy,” said Didier Amiel, President of White Toque.
“Our new F&B group has made rapid progress since it was initiated in the first quarter of 2019. In less than a year, the team has added to an existing roster of stellar clients and realized a robust volume of originations. Providing financing solutions for food and beverage companies will be an integral part of BHI’s growth strategy going forward into 2020,” said John Yoler, Division Executive – BHI New Jersey Representative Office.
In addition to White Toque, some of BHI’s 2019 F&B financing transactions included: a $58 million credit facility to an importer and distributor of nuts and snacks; a $22 million facility to an importer and distributor of sustainable coconut based oils, derivatives, and specialty green chemicals used in food, cosmetics, and industrial industries; and a $7.5 million credit facility to a leading supplier of colorants and raw materials used in the production of food and beverage containers.
BHI, the U.S division of Bank Hapoalim, Israel’s leading financial institution, provides commercial lending solutions to middle market clients in sectors including commercial real estate, food and beverage, entertainment, apparel, healthcare and high-tech. In addition to its New York headquarters, the bank operates U.S. Representative Offices in Woodcliff Lake, New Jersey; Aventura, Florida; and two California locations, downtown Los Angeles and Beverly Hills.