The Food Partners Assists Tidyman’s in Refinancing Debt

Tidyman’s CEO credits investment banking firm’s understanding of industry’s funding sources and financing structures as key in its ability to access new growth capital.

May 31, 2002, Seattle, WA – The Food Partners (TFP), a national investment banking firm focusing exclusively on the food chain, said today that it advised Tidyman’s, LLC, the leading independent grocery retailer in the eastern Washington, Idaho and Montana, in connection with the company’s recently completed refinancing.

The transaction, which involved both term- and revolving-debt facilities, will provide Spokane, WA-based Tidyman’s with additional capital to expand its highly successful Northwest Fresh Marketplace concept and to take advantage of opportunities as they arise, according to John Maxwell, Tidyman’s chairman and chief executive officer.

“TFP’s thorough understanding of the industry’s funding sources and financing structures was key in our ability to access new growth capital despite a highly competitive retail environment and tight credit markets,” he said.

“That new capital, along with our employee-ownership structure and successful store formats, positions Tidyman’s to take advantage of opportunities in our highly competitive and consolidating marketplace,” Maxwell added.

Tidyman’s, LLC, currently operates 22 grocery stores in eastern Washington, Idaho and Montana under three different formats: Tidyman’s Northwest Fresh Marketplace, which offers fresh produce, meat, seafood, bakery and deli departments as well as a range of additional services such as one-hour photo services and banking, County Market, which offers low prices on a wide selection of quality products, and Dissmore’s IGA, which offers competitive prices, along with quality services and products.

The Food Partners, with offices in Washington, DC, and Seattle, WA, is a national investment banking firm focusing exclusively on the food chain and its capital sources. TFP provides merger, acquisition, divestiture, capital raising, strategic advisory and loan portfolio services to the food industry. Clients served by TFP span the entire food chain with a particular emphasis on private middle market companies and cooperatives.

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