Agrovision Secures $400-Million Credit Facility to Drive Global Expansion
Los Angeles-based Agrovision Corp., the technology-driven global superfruit platform, has announced the closing of senior secured credit facilities in an aggregate amount of $400 million, according to a press release.
Proceeds from the financing, which includes an initial $230-million five-year term loan and a $150-million three-year revolving credit line, will be used to repay outstanding borrowings under the company’s existing $210-million credit facility and short-term credit lines. The remainder of the proceeds will be used to support Agrovision’s expansion, including into new markets and categories, fuel innovative product development, and enhance Agrovision’s genetics partnerships, robotics and AI-powered initiatives. Together, these actions reinforce Agrovision’s mission to excite consumers and inspire nutritious snacking using technology.
Rabobank and Banco Santander acted as mandated lead arrangers and lenders in connection with the financing, with participation from a diverse group of global financial institutions, including Goldman Sachs, Barclays, Scotiabank, BBVA, BanBif, Banco ITAU, BTG Pactual, COFIDE and ICBC.
Agrovision has invested over $550 million since its inception in building a healthy snacking platform that integrates an owned value chain across a uniquely designed global production footprint and proprietary technology, including purpose-built AI deployed across its operations, and in becoming the genetics development and commercialization partner of choice. This platform, along with a 52-week premium offering through its Fruitist brand, has accelerated Agrovision’s long-term retailer partnerships and driven strong consumer demand.
“We are delighted to reinforce our partnerships with a world-class group of global banks to accelerate our growth and innovation efforts in transforming the produce aisle,” said Steve Magami, chairman and CEO of Agrovision. “We appreciate the strong support from our long-standing lenders and look forward to leveraging these resources to drive our mission forward and deliver exceptional value and wellness to consumers.”
“We are thrilled to support Agrovision in its journey to become a sustainable global leader in the superfruit segment and look forward to continuing strengthening our strategic partnership with Agrovision in the future, deploying our global capabilities with knowledge, networks and innovative financial solutions,” said Jorge Torres, head of corporate banking for Rabobank Chile & Peru.
“We are proud to have been part of this landmark transaction for Agrovision, and we thank the company and its management team for the trust placed on us to co-lead the financing,” noted Diego Raffo, executive director, global debt financing at Banco Santander.
Information for this story was sourced from BusinessWire.
