TORONTO – October 4, 2023 – FrontWell Capital Partners Inc. (“FrontWell”) today announced the closing of a USD$25 million secured credit facility with Borealis Foods Inc. (“Borealis”), a fast-growing food tech company with a mission to serve growing consumer needs and global food challenges through its development of nutritious, healthy, and affordable ready-to-eat meals. Borealis is best known as the creator of Chef Woo – the first” high protein vegan ramen noodle brand. Chef Woo can be found in approximately 20,000 retail locations across the US and Canada, including Walmart USA, Costco, Aldi, and Amazon.
The facility, comprised of a revolver and a term loan, will be used by Borealis to refinance its existing debt and provide additional working capital liquidity to support Borealis’ growth and expansion.
“We are pleased to partner with Borealis to provide a flexible financing solution that will enable Borealis to capitalize on the significant growth opportunities ahead as the company continues to develop cutting-edge solutions to tackle global food challenges,” said Patrick Dalton, Chief Executive Officer of FrontWell.
“We appreciate FrontWell’s creative approach to structuring a cross-border capital solution that will allow our company to execute on a business plan that includes significant growth objectives and global expansion,” said Reza Soltanzadeh, Chief Executive Officer of Borealis.
About FrontWell Capital Partners
Headquartered in Toronto, FrontWell Capital Partners provides transitionary senior debt financing to middle-market companies in the United States and Canada. With committed seed capital of more than USD $350 million, FrontWell offers financing solutions, including asset-based (ABL) and cash flow loans, to maximize liquidity support for borrowers that are looking beyond traditional sources of capital. FrontWell’s rigorous approach to origination, underwriting and risk management generates current income while prioritizing the preservation of principal over the chase for yield. FrontWell partners with companies across several industries that display balance sheet capacity and that require liquidity to support a transition in their business, including turnarounds, restructurings, acquisitions and changes in ownership or control. For more information, please visit frontwellcapital.com.
About Borealis Foods Inc.
Borealis Foods Inc. is an innovative food technology company with a mission to address global food security challenges by developing highly nutritious and functional food products with great flavor that are both affordable and sustainable. The company's focus on affordability and sustainability reflects its commitment to making a positive impact on both human life and the planet.
Through continuous research and development, and partnerships with other advanced food-tech companies, Borealis Foods has created ramen meals that are organic, vegan, vegetarian, Halal, Kosher, plant-based, egg and dairy free, non-GMO, MSG free, and TBHQ free, and are manufactured with recyclable packaging.
Borealis Foods is the innovator behind the first high protein organic ramen noodle. Made by its subsidiary Palmetto Gourmet Foods, the Chef Woo Ramen brand and the popular Ramen Express Ramen brand are available in over 20,000 stores in the U.S. and Canada, including major retailers such as Walmart and Costco. Palmetto Gourmet Foods, headquartered in Saluda, S.C., food plant is the first American producer of innovative, sustainable, plant-based ramen noodles.
With a focus on sustainability, the company strives to partner with local and environmentally friendly suppliers and uses recyclable packaging. With its Chef Woo product, Palmetto Gourmet Foods has created an affordable, convenient, shelf-stable and planet-friendly instant protein meal that can help in the fight against protein malnutrition both domestically and on a world scale.