Rockland Trust Finances Dairy Deal

Rockland Trust recently partnered with a New York bank to provide a $45.1 million credit facility to the only New York City-based dairy manufacturing company.

Elmhurst Dairy and its affiliates, Worcester Creameries Inc. and Dora’s Naturals, will use the financing package to expand their operations

Gerard Nadeau, Rockland’s head of commercial lending, described the package as a combination of an asset-based line of credit to finance receivables, a term loan to refinance equipment and a refinance of company real estate.

He said the dairy company had had occasion to revisit its finances as it expanded its customer base, and he credited Mike Pandolfi, first vice president of asset-based lending, with originally nurturing the bank’s relationship with Elmhurst Dairy.

Rockland Trust provided $25 million of the total credit facility and roped in HVB Capital, Hudson Valley Bank’s asset-based lending arm, on the rest.

“We try to find banks where we have one-on-one personal relationships that have a history of standing with companies as they go through any potential growth pains. We try to build on our personal relationships at banks that have steady management and stability in the marketplace,” Nadeau said. “It’s not any different than our relationships with our borrowers.”