Reid Super Save Market

Company: Monticello Corporation dba Reid Super Save Market (“RSSM” or “Company”)

Financing Amount: $3,000,000

Financing Structure: $3,000,000 RE Term Loan

Financing Date: May 15, 2024

About the Company

Monticello Corporation, doing business as Reid Super Save Market, was formed in 1957, and was purchased by father and mother, H. Kennan and Phyllis Brooks in 1981. Upon the passing of their father in 2016, sisters Sue Clements and Kim Miller assumed ownership. For the entirety of its existence, it has traded as a full-service grocery store, offering a full selection of butcher-cut meat, fresh produce, and dry goods. While they do not have a deli or bakery, they do offer sliced to order deli meat and cheeses through their meat department and carry a selection of thaw and sell breads, cakes and desserts. RSSM is considered a community staple and is located on an entrance corridor to downtown Charlottesville, Virginia, and is very often referred to as, “the store with the best meat in town.”.

Situation

With the numerous high cost debt facilities on their books, RSSM was seeing a lot of their cash flow going out the door just to pay off vendors and creditors. With the hopes of properly structuring their debt stack in addition to leaving room for working capital for growth and expansion, the Company needed additional financing that would refinance their existing facilities while providing additional capital.

Solution

Alantes was able to secure a $3,000,000 real estate term loan facility that was able to draw enough funds to not only pay off and consolidate all of their debt, but also provide RSSM with some dry powder in order to operate. This came at a very pivotal moment in the business’ cycle as it allowed them to stabilize and also focus on their core operations in running in a top-tier local supermarket. “Working with Alantes was both a pleasure and a huge sigh of relife,” said owner Sue Clements, “It was a bit stressful with the constant mounting pressures from vendors and lenders hounding our doors. We’re extremely glad that the team at Alantes was able to guide us successfully through the process and across the finish line. Will definitely not hesitate to go back to them for any other or additional financing needs!”

About Alantes

Alantes Corporate Finance (“Alantes”) specializes in capital raises and strategic advisory for small to middle market businesses across the nation. Our team prides itself on our ability to provide unique solutions for all of your business needs. Whether you’re looking to acquire a new company or additional working capital for operations, Alantes is your trusted source for business growth and expansion. Our multi-faceted approach allows us to craft creative solutions that adds value at the most critical junctures so you can focus your resources on core business activities.

For more information on this transaction, contact Alantes Corporate Finance at info@alantes.com
Alantes Corporate Finance, LLC
234 5^th Avenue, 2^nd Fl
New York, NY 10001
www.alantes.com

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