SOURCE: Stampede Meat, Inc.
BRIDGEVIEW, IL--(Marketwire - Jul 10, 2012) - Stampede Meat, Inc., a leading provider of beef, pork, and chicken protein products for the restaurant, hospitality and retail industry, has obtained a new secured revolving credit facility and a term loan in the mid eight figures from Wells Fargo Capital Finance, LLC, part of Wells Fargo & Company (NYSE: WFC). The maturity date of the credit facility was recently extended to January 2015 and the credit line was recently increased by low eight figures.
Brock Furlong, president and chief executive officer, commented, "We believe the new revolving credit facility reflects continued confidence in the company's financial performance and strategic direction, and we appreciate the strong support that we have received from our lender. This refinancing will provide us with an increased ability to grow and expand our business and our brand."
Vito Giustino, chief financial officer, further commented, "We are also pleased that we received commitments giving us longer-term liquidity and increased flexibility to invest in the business. This capital structure provides substantial flexibility to support our overall business and our aggressive growth goals."
Stampede operates with a philosophy of customer intimacy that is supported by a strong and experienced team to help the company create products that exceed customer expectations. Management believes this customer focus is the key to the company's continued success.
About Stampede Meat, Inc.
Stampede Meat, Inc. specializes in custom-made center-of-the-plate beef, pork and chicken protein products for the needs of the restaurant, hospitality and retail industry, and sells under its own brand to retailers across the country. It creates seasoned and prepared value-added meats, portioned cuts and fully cooked beef, pork and chicken products. Stampede has created a niche in the market by serving customers with innovative meat products that are tailored to their unique needs. Founded in 1995, the company is headquartered in Bridgeview, Illinois. With sales approaching $350 million and over 1,000 employees, Stampede supplies more than 150 customers with over 850 different value-added products throughout the United States and internationally.