Siena Lending Group Closes a $105 Million Credit Facility for a Frozen Food Processor

Siena Lending Group LLC (“Siena”), a leading provider of asset-based lending solutions, is pleased to announce the closing of a $105MM credit facility for a leading processor and distributor of frozen vegetables (the "Company").  Siena’s financing includes a $70MM revolving line of credit encompassing receivables, inventory and equipment, along with a $35MM real estate term loan.  The loans refinanced existing bank debt and provided additional liquidity for the business to complete its turnaround, provide for seasonal needs and expand in the future. Siena held the entire $105MM credit facility as sole lender.

For over 80 years, the Company has been committed to growing, harvesting, processing, freezing, packaging and distributing the highest quality quick frozen vegetable products.  The vertically integrated, multi-generational family-owned business operates primarily in the Pacific Northwest and Midwest United States, selling to national retailers and foodservice customers around the world.

“There is absolutely no doubt in my mind that Siena is the right partner to help achieve the next chapter in our storied history,” said the Company's President & COO. “I especially appreciate the relentless engagement by Siena’s team, and the fair and balanced approach exhibited gives us comfort in the relationship moving forward.  While there is still work to be done, I can’t express enough the gratitude we feel in achieving this milestone.”

Mark Orlando, Managing Director and Western Region Manager of Siena, said, “We’re excited to complete this financing to support the Company’s long-standing tradition as an important supplier to the domestic and global food industry.  Siena’s team worked efficiently with the advisor and the Company for a timely closing as they ramp up its business for the season.  We are confident in  the management team’s ability to complete the Company’s transformation and look forward to being part of their success in the future.”

Siena Lending Group is a leading asset based lender providing financing solutions from $20 to $500 million across the United States and Canada. Siena provides senior secured solutions to privately held middle-market companies and publicly traded industry leaders across most sectors and has earned a reputation as a trusted financing partner to private equity firms and other financial sponsors. Since 2012, Siena has consistently found creative ways to provide borrowers with maximum flexibility and liquidity. With deep lending experience and expertise in complex situations, clients know Siena brings the patience and perspective to help them work through challenges and achieve their long-term visions. 

Siena is a portfolio company of Franklin BSP Capital Corporation, an affiliate of Benefit Street Partners L.L.C. ("BSP"). BSP, a leading credit-focused alternative asset management firm, is a wholly-owned subsidiary of Franklin Resources, Inc.

For more information, visit www.sienalending.com or contact a Siena team member.