Barkaat Foods has raised $2 million to develop new product lines and expand existing operations.
The Chicago-based company processes lamb, goat, veal and beef according to Zabiha Halal standards. Barkaat, 3810 S. Halsted St., expects to double its staff of 40 people in the next 12 months.
Barkaat raised the money through a Shariah-compliant credit facility from FirstMerit Corp. and Prairie Street Capital with the help of Sikich Investment Banking. Shariah law prohibits Muslims from paying interest, so Barkaat formed a partnership with FirstMerit and Prairie Street Capital.
“We were able to take advantage of the favorable debt environment while respecting the religious laws that are at the foundation of our business,” said Mohammad Imran Khan, chief strategy officer of Barkaat Foods.
“Identifying the right partnership required dedication and flexibility from everyone involved in order to secure Shariah-compliant growth capital for Barkaat,” said Christopher Geier, partner-in-charge of Sikich Investment Banking. “It’s particularly meaningful to help a local, family-owned company pursue its strategy to provide a valuable product to more consumers across the country.”
