Agrovision Secures $400 Million Credit Facility to Drive Global Expansion
LOS ANGELES--(BUSINESS WIRE)--Nov 4, 2024--
Agrovision Corp., the technology driven global superfruit platform, today announced the closing of senior secured credit facilities in an aggregate amount of $400 million. 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 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 trusted, 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.
Agrovision remains deeply committed to sustainability and strengthening the communities in which it operates. In addition to alignment with more than 10 of the UN Sustainable Development Goals, Agrovision is dedicated to increasing biodiversity, mitigating climate change, and improving quality of life.
About Agrovision
Agrovision is a leading, vertically integrated global healthy snacking superfruit platform focused today on berries and cherries. Headquartered in the U.S., Agrovision has state of the art operations in the most optimal micro-climates globally, using technology and climate-resilient genetics to deliver better quality and a superior eating experience, reliably year-round. The company markets direct to retailers worldwide under the Fruitist brand. In China, Agrovision markets its blueberries to consumers under the Big Skye brand. The company is founder-led and backed by world-class investors that are aligned with Agrovision's values and long-term mission and vision. Learn more at www.AgrovisionCorp.com.
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KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: TECHNOLOGY HEALTH SUPERMARKET FOOD/BEVERAGE ROBOTICS AGRICULTURE NATURAL RESOURCES RETAIL ARTIFICIAL INTELLIGENCE FITNESS & NUTRITION FOOD TECH
SOURCE: Agrovision Corp.
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