Republic National Distributing Co (RNDC) has secured financing from its lending partners in order to “support operations”.
The US distributor said the additional capital will be used to strengthen execution, as it aligns its “organisational structure, operational capabilities and portfolio focus” in response to evolving market conditions. RNDC did not disclose the size or terms of the financing.
“We are pleased to have the continued support from our lending partners as we deliver against our priorities and pursue opportunities that strengthen our business and our role in the industry,” said recently-appointed CEO Marc Sachs.
“We are committed to ensuring our business remains a strong, profitable, and valuable partner to all we serve, including our suppliers and customers. We are grateful for the patience and cooperation of our suppliers, the trust our customers place in us every day, and the dedication of our associates who deliver in the marketplace.”
The news comes a week after RNDC was reported to be selling its operations in seven US markets to Reyes Beverage Group, the country’s leading beer distributor, including Florida, Hawaii, Illinois, Maryland, South Carolina, Virginia, and Washington DC.
Meanwhile, in June last year, RNDC withdrew its operations in California following a brace of sizable distribution moves in the US state.
