H.J. Baker & Bro., LLC
Founded in 1850, and headquartered in Shelton, CT, H.J. Baker & Bro., LLC (“HJB” or the “Company”) is a fifth-generation family-owned company that operates as an international importer, exporter, manufacturer, and sales agent for sulphur products and related products.
In order to expedite the closing of the ICEC transaction, HJB financed the purchase with family equity along with an interim debt facility from its incumbent lender intended to bridge the gap to close. As anticipated, immediately following the consummation of the acquisition, the Company’s objectives were to recapitalize the business/balance sheet with a more prudent, flexible and long-term financing solution to allow for additional working capital flexibility and to support the future growth of the organization.
From an early stage, BMO Harris Bank, a U.S. subsidiary of the Bank of Montreal ("BMO") was considered a strong, potential partner for H.J. Baker. Led by its Food, Consumer and Agribusiness Specialty Group, BMO was able to analyze, underwrite and close this $100MM international debt financing in a matter of a few weeks. The multinational debt package, which will be syndicated, included an asset backed line of credit, a specialized equipment finance term loan as well as a cash flow based term loan.