NORWALK, Conn.--24 April 2012-- GE Capital, Corporate Finance today announced it has provided $32 million in term financing and a $25 million asset-based revolver for Apio, Inc., a leading fresh-cut specialty packaged vegetable supplier, processor and distributor. The financing was used to acquire GreenLine Foods, Inc., a leading processor and distributor of produce, and to provide working capital. GE Capital Markets served as lead arranger on a portion of the term financing.
Founded in 1979, Guadalupe, CA-based Apio is a wholly owned subsidiary of Landec Corporation, a materials science company based in Menlo Park, CA that develops and markets patented products for food, agriculture and biomedical applications. GreenLine Foods is the largest provider of fresh-trimmed, microwavable packaged green beans in North America and was a portfolio company of The Riverside Company.
"In our ongoing discussions over the past few years, it became clear that we could turn to GE Capital's Food and Beverage team," said Greg Skinner, CFO of Landec Corporation. "GE Capital understands the intricacies of the food industry which was vital in providing the commercial and equipment financing to make this acquisition and help grow our business."
"Our food industry specialization is built on years of experience and deep domain expertise," said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. "We take great pride in putting capital to work for middle market food companies and helping them succeed."
About GE Capital, Corporate Finance
GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; financial and business services; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. Funding may be provided through GE Capital, Corporate Finance's affiliate, GE Capital Financial Inc., member FDIC. With Access GE, clients also benefit from access to GE's best practices to help build their business. Visit gelending.com/clnews.
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Ned Reynolds
GE Capital
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+1 203 2295717
+1 203 8370699
Jeff Wilson
GE Capital Corporate Finance
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1-203-749-6340