- Growve recently announced an additional $205 million in funding. These are the details.
Growve — a leading brand aggregator specializing in acquiring, operating, and growing omnichannel brands in the supplements & active nutrition, home & leisure, beauty & personal care, lifestyle foods, and pet care & nutrition verticals — recently announced an additional $205 million in funding after amending and upsizing its existing senior credit facility.
The 9 financial institutions led by Truist Bank, Wells Fargo Bank, N.A., and Bank of America, N.A., participated in the arrangement, which followed a $175 million credit facility announcement 6 months earlier for a total borrowing capacity of up to $380 million.
Prior to this expansion of the senior loan, Growve also completed a $20 million equipment line closing through Truist in order to fund its organic growth and vertical integration strategy.
This $205 million overall announcement includes a $145 million closing with Truist as Left Lead Arranger and Wells Fargo as Joint Lead Arranger, and a subsequent $60 million closing with Bank of America.
KEY QUOTES:
“The significant expansion of our credit facility and the equipment line closing provide us with vastly increased flexibility and capacity as we continue our aggressive growth trajectory. We appreciate the loan increase as a means to continue our path in acquiring brands that meet our portfolio objectives while we also differentiate ourselves with our robust organic strategy. Investors’ continued support of our vision allows us to keep laser-focused on scaling our existing brands and constantly and responsibly expanding the company as leaders in our industry.”
— Growve CEO Dave Bunch
“We are excited to have the support of these nine leading financial institutions that have joined together in further funding our growth initiatives. It represents another significant vote of confidence from the financial community, while supporting our long-term growth and investment goals. We thank Truist Bank, Wells Fargo Bank and Bank of America for leading this initiative and we appreciate the backing of all partners in the lender group.”
— Growve CFO Mark Jaggi
