Legacy Corporate Lending Provides $10 Million Credit Facility to Franklin Baker Incorporated

August 2, 2023

By Legacy Corporate Lending, LLC

PLANO, TX – August 2, 2023 – Legacy Corporate Lending, LLC (“Legacy”), an independent asset-based lending (ABL) company focused on serving the needs of middle market companies across North America, today announced the completion of a $10 million asset-based revolving line of credit for Franklin Baker Incorporated (“Franklin Baker”). The facility will be used to support the company’s ongoing working capital needs and continued growth.

Founded in 1895 in Philadelphia and with current North American operations based in Memphis, TN, Franklin Baker is the leading supplier of coconut products and ingredients to the global food market, accounting for nearly 50% of total Philippine coconut imports to the U.S. Franklin Baker’s products are shipped from its parent’s three manufacturing facilities in the Philippines to more than 50 countries worldwide across the U.S., South America, Europe, Middle East, Africa and Asia Pacific. “We are delighted to be able to provide Franklin Baker with a credit facility tailored to meet their needs,” said Clark Griffith, CEO of Legacy Corporate Lending. “We were impressed with Franklin Baker’s long and respected history both in the Philippines and the United States as well as the Company’s exceptional management team. We believe the business is well-positioned for its next phase of growth.”

“Throughout the financing process, the Legacy team proved that they fully understood the food ingredients space, as well as the cross-border nature of our supply chain,” said John Slade, Vice President and General Manager of Franklin Baker. “We look forward to a strong continued partnership with Legacy.”

Launched in May 2023 in partnership with Bain Capital Credit, L.P., Legacy provides revolving credit facilities and term loans to companies in an array of industries that seek to access capital outside of traditional bank lending or the syndicated lending market.

About Legacy Corporate Lending

Legacy Corporate Lending is an independent asset-based lending company providing revolving lines of credit and term loan commitments up to $40 million in transaction size. Legacy provides direct financing to middle market companies, private and public companies, across a wide spectrum of industries including automotive, business services, consumer products, distribution & wholesale, e-commerce & retail, food & beverage, manufacturing, transportation & logistics. Legacy Corporate Lending is a portfolio company of Bain Capital Specialty Finance, Inc. and Bain Capital Private Credit, which are externally managed by BCSF Advisors LP, an SEC-registered investment advisor. For more information, visit legacycorporatelending.com.

About Franklin Baker Incorporated

Franklin Baker Incorporated is a subsidiary of the largest processor of coconut ingredients in the Philippines and the premier supplier of coconut ingredients to the global food market. They have been in business for 125 years and take pride in long-standing customer relationships, many of which exceed 60 years. Their products are produced in the Philippines from the freshest nuts available, at one of 3 manufacturing facilities, where proprietary processing is utilized to ensure freshness and long shelf stability. They control the process from tree through shipment, allowing customers to have the highest level of safety and confidence in the product supply chain. To learn more, visit www.franklinbaker.com.

Media Contact:

Scott Lessne
(646) 502—3569