Chicago-based private equity firm, Sterling Partners, tapped Republic Business Credit to help support the continued growth of one of Sterling’s portfolio companies, Fancy Sprinkles. Republic provided an E-Commerce asset-based line of credit that helped the company prepare for its national rollout with one of its largest retailers, while supporting its overall online growth strategy.
Fancy Sprinkles is an edible arts company on a mission to completely revolutionize an outdated edible art and baking industry, one bite—or sip—at a time. Fancy Sprinkles is at the forefront of food-based pop culture trends and creativity, producing innovative products and decorating kits for both food and beverages. Its most popular products include sprinkles, candy melts, edible glitters and coloring gels.
Fancy Sprinkles has previously been featured on The Today Show, BuzzFeed and Bon Appétit for its unique confectionary products.
The asset-based loan Republic provided had an accordion feature of up to $6 million, which leveraged Fancy Sprinkles’ inventory and receivables across its e-commerce and wholesale business. Fancy Sprinkles is experiencing rapid growth with key retailers and sought a scalable working capital facility to expand inventory ahead of its upcoming national rollout.
Republic was impressed with the philosophy, culture and partnership mindset of the Sterling team, starting with its Chairman and Co-Founder, Steven Taslitz and Vice President, Courtney Altman.
“We are thankful for Republic’s support and believe this partnership will generate continued success for Fancy Sprinkles,” said Taslitz.
“This partnership will enable Fancy Sprinkles to grow its brand and manage rising demand,” said Altman, who played a major role in the deal.
Fancy Sprinkles CEO Kiley Anderson shared, “We appreciate the line of credit extended by Republic and are confident that this newfound relationship will help us to reach new goals and milestones as a company.”
Eric Dorner, VP, Business Development, at Republic was a proponent of the initial partnership between the companies. “It was exciting to close this first deal with Sterling Partners, especially given their incredible reputation investing across the consumer-packaged goods industry, of which we continue to build an incredible portfolio of brands,” Dorner shared.
“It is exciting to partner with brands that are well-supported by their equity partners and combine Sterling’s forty-plus years of experience with entrepreneurial-minded capital,” said Republic President, Robert Meyers.