NEW YORK, N.Y. – KeyBank today announced that it recently closed on a $25 million credit facility with NYM Holding, Inc. (NYM), a fast-growing Asian/Chinese grocery supermarket chain in the northeastern U.S. known for fresh, farm to table foods. Key’s debt financing was an important step in NYM completing its business combination with E-Compass Acquisition Corporation (ECAC), prior to the company being renamed iFresh, Inc. and trading publicly on NASDAQ under its new name (NASDAQ: IFMK).
“From its origins in Manhattan’s Chinatown to ringing NASDAQ’s opening bell, iFresh is an exciting business success story that we are proud to be a part of,” said Joseph Markey, Key’s Hudson Valley and Metro New York Market President. “As the company expands its footprint on the East Coast and across the country, we look forward to cultivating our relationship and providing them with access to Key’s full suite of financial services and products.”
The E-Compass and NYM partnership marks the first publicly-listed Asian/Chinese grocery chain in the country. A requirement for the business combination, Key initiated and completed the credit facility within five weeks and ahead of deadline.
“We were impressed with and grateful for how quickly KeyBank learned our business needs and executed the credit facility, which was a key piece of our business combination with E-Compass,” said Long Deng, Chairman and Chief Executive Officer of iFresh, Inc. “We are now positioned to continue our strategic expansion plan and do what we do best – provide our customers with the freshest foods available and unique products unavailable at conventional grocery stores.”
John Sullivan, KeyBank Senior Vice President – Commercial Banking, arranged the credit facility with NYM and continues to manage the bank’s relationship with iFresh, Inc.
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About KeyCorp
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $136.5 billion at December 31, 2016. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
Source: KeyCorp
