From Local Dumplings to National Aisles: Assembled Brands Fuels Laoban's 8x Growth with Flexible, Scalable Line of Credit

Assembled Brands is proud to announce the closing of a substantial asset-backed line of credit for Laoban, the fast-growing CPG brand bringing Asian dumplings, bao buns, and lo mein to freezer aisles nationwide.

Coming off an incredible 8x growth trajectory in 2025 and accelerating well ahead of schedule through early 2026, the new facility provides the flexible capital framework needed to support Laoban’s rapid rollout across tier-one national accounts, including Costco, Target, Whole Foods Market, and Sprouts Farmers Market.

From Neighborhood Ritual to National Scale

What began with founder Patrick Coyne falling in love with local dumpling shops while teaching English in China has quickly evolved into a category-defining brand. Named after the Chinese word for “boss,” a nod to the shop owners who inspired their journey, Laoban combines classic Chinese culinary traditions with clean ingredients and recipes developed alongside Michelin-recognized Chef Tim Ma.

For high-velocity food and beverage brands, stepping onto national grocery shelves creates a distinct working capital challenge: paying manufacturers upfront for massive inventory builds while waiting on payment from wholesale distributors. To eliminate this cash squeeze, Assembled Brands delivered a flexible asset-backed credit line secured directly by Laoban's A/R and inventory.

“Laoban is a textbook example of a category killer translating cult-favorite enthusiasm into national shelf space,” said Abby Jonathan, AVP of Originations at Assembled Brands. “Their operational discipline during this rapid growth phase has been remarkable. Because they partner with top-tier grocers, their inventory and receivables represent exceptionally strong collateral that we can unlock to keep their supply chain moving.”

The Assembled Brands Solution

Designed specifically for mid-market CPG companies that need financial agility without traditional banking friction, Assembled Brands tailored a custom financing solution built to adapt alongside Laoban's growth:

• Unlocking Dormant Capital: Converts working capital tied up in the distribution cycle into immediate liquidity, allowing Laoban to fund continuous production runs without cash flow bottlenecks.
• Complete Operational Control: Operates with no lockboxes, no personal guarantees, and minimal covenants, ensuring management retains full autonomy over their bank accounts.
• Seamless Scalability: Features a flexible accordion mechanism that expands the credit line as purchase orders and store counts increase.
• Transparent Pricing: No unused line fees, meaning Laoban only pays for the capital they actually draw and use.

“Entering this phase required a financing partner who truly understood the working capital mechanics of frozen CPG,” said Joe Stilphen, CFO of Laoban. “Assembled Brands stood out by offering a scalable structure that respects our autonomy, giving us the ultimate liquidity to support our retail partners and focus on long-term growth.”

“We're thrilled to partner with Patrick, Joe, and the entire Laoban team as they continue to transform the frozen food category,” said Kunal Kohli, Managing Director at Assembled Brands. “Laoban is a great brand and has built incredible momentum across retail, and we’re proud to be the working capital backbone that lets them focus on what matters most: making incredible food  and scaling nationwide.”

Welcome to the portfolio, Laoban! 

‍

‍