Fifth Third Business Capital Provides $32 Million in Senior Debt Financing to Laurel Grocery Company LLC

Fifth Third Business Capital announced it provided $32 million in senior debt financing to Laurel Grocery Company LLC.  The deal team consisted of:

Jeremiah Kelliher, managing director, group head, Asset Based Lending; Cindy Jamroziak, director, senior underwriter, Asset Based Lending and Susan Davis, senior director, Asset Based Lending.

About Laurel Grocery Company LLC

Laurel Grocery was founded in 1922, when the Chestnut and Griffin families formed a partnership in a warehouse located in East Bernstadt, KY. The Company is currently owned by the third generation of the two families. The business grew through the years and eventually re-located to the current site in London KY. Over the years the Company added seven retail grocery stores. Laurel Grocery engages in buying, selling, and distribution of wholesale grocery products to various retail outlets in the Southeast, Midwest, and Northeast parts of the US. Laurel operates a fleet of over 40 trucks and 78 trailers, with 45 drivers.

About Fifth Third Business Capital

Fifth Third Business Capital provides creative asset-based financing to middle market companies throughout the United States and Canada from $5 million and up. The team serves manufacturers, distributors, service companies, and retail chains with sales from $25 million and up, primarily with needs related to acquisitions, dividend recapitalizations, growth, debt restructurings, capital expenditures, and turnarounds. Fifth Third Business Capital provides flexible structures that include revolving lines of credit and term loans, all supported by accounts receivable, inventory, equipment, real estate, and intangibles. As part of the overall financing, Fifth Third Business Capital also selectively considers cash flow term loans supported by sufficient operating earnings to repay these loans in a timely manner.

Fifth Third Business Capital is a division of Fifth Third Bank, National Association. Credit products are subject to credit review and approval and mutually acceptable documentation. In the United States deposit and credit products offered by Fifth Third Bank, National Association. Member FDIC.   Equal Housing Lender.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Sept. 30, 2021, the Company had $208 billion in assets and operates 1,100 full-service Banking Centers, and 2,336 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2021, had $541 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at 53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”