Hammond’s Candies has entered into a multiyear agreement with TAB Bank to receive a revolving credit facility of $7.5 million.
The credit facility will support Hammond’s working capital needs as it continues to grow and expand the reach of its portfolio of gourmet chocolates, hard candies, and other snacks and confections.
Founded in Denver in 1920, Hammond’s Candies sells its products under several different brands, including Old Dominion Peanut Company, Hammond’s Candies and American Candy Company. Hammond’s also produces on a private-label basis and sells some product in bulk to customers that repackage it under their own brand.
Over 100 years ago, Carl T. Hammond, Sr. opened Hammond’s Candy Factory in Denver with a commitment to quality. While Hammond's started as a small family business with a loyal local following, the company has grown into an iconic brand with international distribution. Hammond’s is proud to delight fans of all ages with scrumptious treats crafted by hand from start to finish.
Hammond’s is coming out of the COVID-19 pandemic stronger, thanks to restructuring its debt obligations and establishing a clear strategy for the future. Hammond’s online presence expanded greatly over the last 18 months and represents a huge opportunity for growth as the well-established wholesale business continues to expand.
The experienced management team, led by CEO Andrew Schuman is continuing to expand the product line with new versions of its fanciful old-time hard candies, chocolate treats and gourmet marshmallows.
“We are thrilled for the opportunity to be working with TAB as we continue to position the business for our next 100 years,” Schuman said.
TAB Bank provides custom working capital solutions to commercial businesses across a wide range of industries. These solutions can be customized to meet the needs of companies in all stages of the business life cycle and during any economic conditions. TAB Bank does this through a variety of asset-based structures including asset-based revolving loans, accounts receivable financing, lines of credit and equipment finance. TAB’s lending options can also be combined with a full suite of business banking solutions and Treasury Management Services.
“TAB Bank is excited to partner with Andrew and the management team at Hammond’s Candies,” said Brett Horwitz, managing director-head of origination-Western region. “Hammond’s has a long history of delivering high quality delicious treats to market and we look forward to supporting their continued success. The TAB team was able to deliver a working capital solution that will enable the company to execute their strategy and penetrate new channels as they continue to innovate and be a leader in their space. TAB is committed to building a successful long-term relationship.”