ST. PETERSBURG, Fla., Jan. 04, 2022 (GLOBE NEWSWIRE) -- Growve, a leading brand aggregator specializing in acquiring, operating and growing world-class omnichannel brands in the supplements & active nutrition, home & leisure, beauty & personal care, lifestyle foods, and pet care & nutrition verticals, today announced an additional $205 million in funding after amending and upsizing its existing senior credit facility. Nine financial institutions led by Truist Bank, Wells Fargo Bank, N.A., and Bank of America, N.A., participated in the arrangement, which followed a $175 million credit facility announcement six months earlier for a total borrowing capacity of up to $380 million.
Just prior to this expansion of the senior loan, Growve also completed a $20 million equipment line closing through Truist in order to fund its organic growth and vertical integration strategy.
"The significant expansion of our credit facility and the equipment line closing provide us with vastly increased flexibility and capacity as we continue our aggressive growth trajectory," Growve CEO Dave Bunch said. "We appreciate the loan increase as a means to continue our path in acquiring brands that meet our portfolio objectives while we also differentiate ourselves with our robust organic strategy. Investors' continued support of our vision allows us to keep laser-focused on scaling our existing brands and constantly and responsibly expanding the company as leaders in our industry."
Today's $205 million overall announcement includes a $145 million closing with Truist as Left Lead Arranger and Wells Fargo as Joint Lead Arranger, and a subsequent $60 million closing with Bank of America.
"We are excited to have the support of these nine leading financial institutions that have joined together in further funding our growth initiatives," Growve CFO Mark Jaggi added. "It represents another significant vote of confidence from the financial community, while supporting our long-term growth and investment goals. We thank Truist Bank, Wells Fargo Bank and Bank of America for leading this initiative and we appreciate the backing of all partners in the lender group."
About Growve
We Bring Brands to Life . . . Let Us Invest In Yours.
Headquartered in St. Petersburg, FL, Growve is a brand aggregator specializing in acquiring, operating and growing world-class brands in the supplements & active nutrition, home & leisure, beauty & personal care, lifestyle foods, and pet care & nutrition verticals. Growve's team of 500+ derives its value from aggregating brands and driving growth through in-house expertise in marketplace management, digital marketing, creative services, innovation, distribution, retail sales, manufacturing, supply chain management, regulatory and accounting. The Company's portfolio includes 26 brands and hundreds of unique products. Learn more at growve.com.
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We Bring Brands to Life . . . Let Us Invest In Yours.
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