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Under the financial guidance of the investment banking group of Carl Marks Advisory Group LLC (CMAG), Vaughan Foods, Inc. (NASDAQ:FOOD), a $100-million, Oklahoma-based leader in processed and packaged refrigerated foods, successfully closed a new revolving round of credit with Peninsula Bank Business Funding, a division of The Private Bank of the Peninsula of Palo Alto, California.
CMAG helped lead Vaughan, which had suffered losses in 2008, in securing new financing in a challenged market. Carl Marks was retained by the company late last year to seek a new lender that would provide additional financing to help support the company's current operations and future growth strategies.
"Carl Marks adeptly managed the process to secure a proper lender to realize the company's inherent value," said Gene Jones, CFO, Vaughan Foods. "Acquiring the new financing provides us with the added liquidity necessary to better run the company's day-to-day operations, and it also allows us to look ahead to new growth opportunities."
"In the current challenging credit environment, and because Vaughan had suffered previous losses, it was difficult to secure financing from a new lending source," said Warren H. Feder, partner at CMAG. "Consequently, we needed to meet with a wide range of asset-based lenders to identify the best debt facility for the company. Peninsula Bank Business Funding took the time to fully understand the available collateral and recognized the business' strength." Feder added that the dedication of Vaughan's management team played a significant role in the credit facility's successful closing.
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