Baker Tilly Capital successfully provided corporate financial advisory services to Meister Cheese Company, LLC and Muscoda Protein Products, LLP (the Companies).
With an expansion completed by the Companies in the spring of 2011, Baker Tilly Capital helped source and secure $8.5 million in New Markets Tax Credits between the Companies and a new corresponding debt facility that will allow them to refinance existing debt and fund working capital requirements that will come with the additional capacity.
Meister Cheese is a family-owned, third-generation cheese factory, and with the latest expansion, it is uniquely positioned to produce both specialty and high-volume cheeses. Their expansion will also allow Meister to better serve the needs of its growing list of esteemed customers, many of whom are interested in cheese made from milk sourced from Meister's Animal Friendly Family Farms program. Muscoda Protein Products, an affiliate company to Meister Cheese, processes the whey by-product of the cheese making process into food-grade lactose and whey protein concentrate.
"Over the past several years, Meister and Muscoda have completed several initiatives aimed at increasing capacity, improving operating efficiencies and attracting new customers. These initiatives required increased financing to fund the necessary investments. With the assistance of Baker Tilly Capital, we were able to restructure the companies' debt with low-cost New Markets Tax Credit funding, which will enable us to continue to grow the businesses."