Recent closing of a new credit facility
with capacity of $250 million will
fuel continued growth
DEVENS,
Mass., June 24, 2024 /PRNewswire/ -- Little
Leaf Farms, the country's #1 brand of packaged lettuce sustainably
grown through controlled environment agriculture (CEA), is
announcing further expansion in McAdoo,
Pennsylvania with a new greenhouse set to open this fall.
The new 10-acre greenhouse is the third greenhouse for Little Leaf
Farms in the state and will make Little Leaf Farms' Pennsylvania campus the largest leafy greens
CEA campus in North America.
The 10 additional acres of greenhouse space will increase Little
Leaf Farms' Pennsylvania staff
count to over 300 and support the company's expansion throughout
the Southeast and Midwest regions, increasing its retail presence
to over 7,000 grocery stores.
"With our latest expansion in Pennsylvania, which increases our total
acreage and supports our progress toward our goal of reaching
$200 million in retail sales this
year, we are well positioned to continue to lead the CEA leafy
green industry," said Paul Sellew,
Founder and CEO of Little Leaf Farms. "Importantly, it expands our
commitment of bringing fresh, leafy greens to all."
Little Leaf Farms currently represents nearly 50% of packaged
salad grown through CEA in the U.S.1 and is accessible
to over 53% of the country's population, which will continue to
grow once the new greenhouse opens. The brand plans to open several
more greenhouses in the future to continue to serve its growing
consumer base and remains focused on delivering its leafy greens to
more grocery stores in the Southeast and Midwest regions.
Credit Facility will Fuel Further Growth
Little Leaf
Farms also recently closed a new credit facility with capacity of
$250 million, comprised of term loan
facilities, delayed draw facilities, and a revolving credit line.
The credit facility is a significant milestone supporting the
brand's ongoing capital expansion initiatives as it continues to
meet growing consumer demand.
The transaction was arranged with a syndicate of banks led by
Bank of America, alongside banks within the Farm Credit System,
demonstrating a strong commitment from the financial community to
support Little Leaf Farms' growth trajectory.
"Securing this substantial credit facility marks a significant
achievement for Little Leaf Farms as we continue to invest in
expanding our operations and meeting the increasing demand for
locally grown, sustainably produced lettuce," continued Sellew.
"This funding will enable us to accelerate our growth plans,
further strengthening our position as a leader in the CEA
industry."
"We are gratified to continue our longstanding partnership with
Little Leaf Farms," said Randy
Mitchell, Senior Vice President of Bank of America. "This
transaction underscores our confidence in the company's vision and
ability to execute its strategic initiatives. We remain committed
to providing tailored financial solutions to support their
continued success."
With this new credit facility in place, Little Leaf Farms is
well-positioned to expand its production capacity, enhance
distribution channels and further establish itself as a leading
provider of CEA lettuce.
For more information on Little Leaf Farms,
visit littleleaffarms.com.
About Little Leaf Farms
Little Leaf Farms is on a
mission to transform the way food is grown through peri-urban
agricultural practices that are rebuilt for the modern world. Using
advanced greenhouse technologies, Little Leaf Farms is growing
fresh, sustainably farmed lettuce 365 days a year. Little Leaf
Farms utilizes captured rainwater, natural sunlight that shines
through high transmission glass, and solar-powered energy in their
precise, soil-less hydroponic farming. The crispy, flavorful baby
greens are harvested without ever touching human hands and are free
from harmful pesticides, herbicides, or fungicides. For more
information, visit littleleaffarms.com or @littleleaffarms.
1. Nielsen NIQ Discover Pre-Packaged Salad Category Ending
5/18/24 Total U.S xAOC
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SOURCE Little Leaf Farms