BERWICK, PA -- Wise Foods Inc., a leading regional salty snack company, announced that it has completed a new $48 million credit facility.
Officials said the revolving credit line and a term loan provided by Ally Commercial Finance and Siemens Financial Services Inc. will allow Wise to refinance existing debt and better position the company to pursue future opportunities for growth.
Additionally, Wise said the funds will be used to return capital to certain funds affiliated with Palladium Equity Partners LLC through a dividend payment. Wise was acquired by an affiliate of Palladium in October 2000.
Founded in 1921 and based in Berwick, PA, Wise Foods manufactures salty snacks distributed on the eastern seaboard of the United States. It produces potato chips, cheese snacks, popcorn, tortilla chips and corn chips under the Wise, New York Deli, Ridgies, Cheez Doodles and Dipsy Doodles brands.