PNC Bank has closed senior secured credit facilities totalling USD48 million for two new clients: Wellnext, a Florida-based family of brands that delivers research-backed nutritional supplements, and Elite One Source Nutrisciences, a Montana-based manufacturer of supplements for branded marketing companies.
The financing package for Wellnext, a portfolio company of WM Partners, included a USD30 million senior secured revolving loan and treasury management services. Based in Sunrise, Florida, Wellnext is a family of brands that delivers research-backed nutritional supplements for every consumer life stage.
PNC provided an USD18 million senior secured financing package for Elite One Source Nutrisciences, Inc., a portfolio company of Ampersand Capital Partners, including a USD12 million revolving loan, and a USD6 million term loan as well as treasury management and capital markets services. Based in Missoula, Montana, Elite One is a contract manufacturer of nutraceutical products for the health, wellness and medical nutrition markets. The company combines in-house product formulation expertise and high-quality manufacturing capacity to develop, produce and distribute tablet, capsule and powder nutritional supplement products.
Both companies will utilise the funds to refinance existing debt and for general working capital purposes
