Start-up & Funding Budget
This section sizes what it takes to start the U.S. platform and how it could be funded. It covers 24 months, splits uses into Tranche A (year 1) and Tranche B (year 2, released after the gates), lists the acquisition options separately, and keeps the sister ventures in their own column because they are funded separately.
Editable model: download the budget workbook (.xlsx) — every total is a formula; yellow cells are yours to fill (acquisitions chosen, sources committed); the funding gap recalculates.
Read the numbers correctly. Most lines are VMA assumptions — placeholders until counsel, contractor, OnQ and broker quotes arrive. Brand-launch and chef lines use the CHESNI budget as a benchmark. Plant purchase and lease prices are not in the start-up total: Ohanyan's and Azusa are still TBD. VMA assumption
1. Start-up budget — U.S. platform (US$ thousands)
| Block | Year 1 (Tranche A) | Year 2 (Tranche B) | 24 months |
|---|---|---|---|
| A · Formation, legal and transaction | 315–620 | 45–90 | 360–710 |
| B · Production base (excl. purchase / lease price) | 940–2,630 | 580–1,610 | 1,520–4,240 |
| C · Brand and consumer launch (Ā Levantine / Ohanyan's) | 837–1,344 | 1,257–1,888 | 2,094–3,232 |
| D · Channel pilots and roll-out | 645–1,290 | 1,545–4,890 | 2,190–6,180 |
| E · Mediterranean Chef | 220–320 | 255–370 | 475–690 |
| F · 5th Table / Levantine Council (NGO) | 140–270 | 100–200 | 240–470 |
| G · U.S. team and G&A | 720–1,040 | 775–1,115 | 1,495–2,155 |
| H · Working capital | 300–600 | 300–800 | 600–1,400 |
| Contingency (10%) | 412–811 | 486–1,096 | 898–1,907 |
| Total start-up budget (excl. acquisitions) | 4,529–8,925 | 5,343–12,059 | 9,872–20,984 |
Line items, basis tags and notes are in the workbook. Largest swing items: line conversion and USDA re-activation at Azusa, and the Wellness Kitchen roll-out (10–20 units in year 2).
2. Acquisition options (outside the start-up total)
| Target | Asking (US$ 000) | Status |
|---|---|---|
| Ohanyan's Inc., Fresno (anchor) | TBD | TBD — method: financial value + ≥50% strategic premium; price from the post-acquisition plan |
| Azusa, 1120 W Foothill Blvd (benchmark) | TBD | Price on request; sublease to Dec 2033, direct lease or purchase possible (CBRE) |
| Fresno County raisin company (Case 1) | 7,900 | Listed; reported cash flow $1.2M (to verify) |
| USDA Italian producer, San Francisco | 4,000 | Listed, incl. real estate |
| Los Angeles USDA plant (small) | 1,100 | Listed, incl. $950K real estate |
| Sanger fresh hummus business | 625 | Asset sale (OBO) |
| Leprino Lemoore East (dairy) | TBD | Closed; off-market approach |
| Amy's Kitchen, Santa Rosa (meze / ready meals) | TBD | Phased closure; no sale announced |
| Former Budweiser plant, Fairfield (optional) | TBD | Closed Feb 2026; city seeking new use |
| FOODMatch, New York (channel) | TBD | Merger or acquisition under evaluation |
Asking prices come from listings and must be confirmed with brokers. The road show decides which options enter Tranche A.
3. Funding plan
| Tranche | Uses (US$ 000) | Release condition | Lead sources |
|---|---|---|---|
| A | 4,529–8,925 + acquisitions (TBD) | Ohanyan's LOI and financials; Azusa terms | MSY via TurCo; VMV country partner ($2M documented, asset side); Funding Partner; Eximbank and Turkish supports for Turkey-made exports |
| B | 5,343–12,059 | Pilot gates passed; revenue at or above Monogram's floor | Monogram Capital Partners (lead candidate); co-investors |
| C | Sized at the Phase 2 gate | Repeatable door economics; second-plant decision | Monogram follow-on, strategic partner or pre-IPO |
Sources to be agreed
| Source | Tranche | Amount (US$ 000) | Note |
|---|---|---|---|
| MSY via his Turkish company (TurCo) — equity | A | to be agreed | 80% holder at ABC Ventures formation; seeking Turkish outbound-investment supports |
| A Level Alliances — in-kind services (20%) | A | to be agreed | Non-cash: equity for services; no cash contribution |
| VMV Food Venture Fund I — country partner | A | to be agreed | Documented: partner commits $2M setup + year-1 capital to the 50/50 VMV vehicle (asset / property side) — enter here only if VMV holds Azusa or another plant |
| Funding Partner (code name) | A | to be agreed | |
| Turkish export supports (Turkey-made exports only) | A | to be agreed | Reimbursed 6–12 months after spend, in TL; capped at half of exports |
| Türk Eximbank pre-shipment credit | A | to be agreed | Loan, not grant; for Turkish-sourced inventory |
| U.S. asset / equipment financing | A | to be agreed | To be explored for property and lines |
| Monogram Capital Partners — lead (after gates) | B | to be agreed | Criteria: ~$5M–250M+ revenue companies; up to $50M+ equity |
| Co-investors / strategic partner | B | to be agreed |
ALA's 20% is equity for services, not cash. The VMV $2M sits in the asset/property vehicle and counts against Tranche A only if VMV holds Azusa or another plant. Turkish supports do not apply to U.S.-made products.
4. Sister ventures (funded separately)
| Venture | Funding figures from its own VMA document VMA assumption |
|---|---|
| Panayır Global (five-city phygital plan v3) | Peak cumulative cash need ~$14.7M in Year 3 (pessimistic $17.3M, optimistic $12.2M); 5-year capex $23.5M; three tranches ~$3–4M / $4–5M / $6–7M |
| SFS / CHESNI (LA flagship + HK B2B) | 24-month equity need ~$2.4–3.7M (base); ~$2.1–3.3M after Turkish supports; EverFree anchor commitment $0.3M |
| Value Masters Venture — Food Venture Fund I | Country partner: $2M setup + year-1 capital; signing fee $250K at signing + $250K at first transaction (paid to VMV) |
| Plaza Alliance (lounge kitchens, within Panayır Global) | Kitchen investment ~$250K per lounge (Panayır share); Plaza Premium not approached |
5. Before these numbers go to Monogram
- Replace the A-tagged lines with quotes: counsel (formation, transaction), USDA consultant and contractors (Azusa), OnQ (unit CAPEX), recruiters (team).
- Enter Ohanyan's price and the Azusa lease or purchase terms once known; the workbook adds them to Tranche A.
- Agree each source's commitment with MSY and the Funding Partner; the gap line shows what is left for outside investors.