New Phase Advisory Services (“New Phase”) partnered with American Enterprise Funding Group (“AEF”) to source, prepare, coordinate lending participants, and close a $10 million financing package for the Cardile Mushroom Farm (“Cardile”). Community Federal Savings Bank based in New York and the USDA Rural Development in Pennsylvania have provided the lead for this funding. The proceeds will pay down existing secured debt and provide capital for infrastructure improvements.
New Phase has provided outsourced CFO and turn-around advisory services for nearly a year to assist in getting Cardile positioned to complete the refinancing.
New Phase’s Gary Varney, CPA will continue to be involved as the outsourced CFO and Chief Restructuring Officer to assist the Company in preparing for a second round of financing in the spring of 2019 for approximately $8 million. New Phase’s Joe Julian will become the Cardile’s Controller managing the accounting operation.
AEF is a broad-based financial services firm specializing in capital acquisition. With over 65 years in commercial lending experience, AEF focuses on entrepreneurial needs while working with traditional and non-traditional lenders throughout the United States to provide clients with the most favorable terms.
Cardile is a vertically integrated mushroom production and processing facility located in Avondale, Pennsylvania. This family business was founded in 1975, and today, Cardile is growing out of 63 mushroom growing houses with an employee base of 200. Throughout the company’s history, the major buyers of Cardile mushrooms have included: Costco, Walmart, Sysco, the Philadelphia Market and many smaller less known restaurants and resellers.
“I’m looking forward to continuing work with the Cardile family as we return the company to a healthy and viable operation,” said Varney.
Charles Cardile, Jr., president of Cardile, said “We thank both Gary and Joe for their professional approach in helping us navigate through the most difficult time in our organization’s history and we look forward to getting back to doing what we do best—growing great mushrooms.”
About New Phase Advisory Services
New Phase Advisory Services provides C-level advisory services to small and middle market companies. Whatever your company’s positioning may be, we offer a range of expertise to help you elevate your business. Services include outsourced CFO and COO consulting, profit and organizational performance improvement consulting, cash flow planning and forecasting, turn-around and restructuring consulting, debt refinancing, M&A acquisition due diligence and post-closing integration planning and implementation through our team of experienced financial professionals.
For information about our firm please visit www.NewPhaseAdvisors.com or contact our Managing Partner, Gary C. Varney, CPA, CMA by phone at 610-513-6053 or by email at Gary@NewPhaseCFO.com.