Back to News

Stellus Capital Management, LLC Provides First Lien Financing to Evergreen Pacific Partners and Good Source Solutions, Inc.

Jul 31, 2016

Houston – TX, July 31, 2016 – Stellus Capital Management, LLC (Stellus) announced today that its affiliates acted as Joint Lead-Arrangers in providing a Unitranche Loan Facility in support of Evergreen Pacific Partners (“EPP”) and Good Source Solutions, Inc. (“Good Source”) in their purchase of PON Foods.

Good Source is a provider of foodservice closeout and specialized products to niche and special application markets. The company sources both closeout and custom food items from leading food manufacturers and processors, providing a reliable, long-term distribution solution for these companies’ closeout food supply. Good Source sells its products primarily to the corrections industry, educational institutions and non-profit organizations. The company has strong relationships with over 500 leading food manufacturers around the world.

Eric Shiring, CFO of Good Source, said, “We were impressed with the knowledge Stellus demonstrated of our industry and appreciated the speed with which they moved to close and fund our transaction.”

Michael Nibarger, Managing Partner of EPP, said, “It was a pleasure working with Stellus on this transaction and we look forward to continuing our relationship with them on future deals.”

Robert T. Ladd, Managing Partner at Stellus, noted, “We are pleased to support EPP and Good Source in this transaction. This deal continues our long track record of working closely with leading private equity firms, strong management teams and middle-market businesses.”

Adam Pollock, Managing Director at Stellus added, “This was a unique opportunity to partner with EPP, Good Source and Ally Commercial Finance (Joint Lead-Arranger) to provide a comprehensive capital solution to support Good Source’s continued growth.”