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Truist Bank, Others Provide $175MM Funding to Growve

June 01, 2021, 08:15 AM
Filed Under: Specialty Industries

Growve received $175 million in funding from multiple syndication partners to fuel further acquisitions of omnichannel natural wellness & body care brands. The successful and oversubscribed closing of this new credit facility follows Growve's announcement of a minority equity investment from Palm Beach Capital and signals the Company's rapid ascent as a top brand aggregator and leader in the fast-evolving e-commerce marketplace. The expanded banking syndicate has the capacity to facilitate Growve's aggressive growth trajectory and is comprised of Truist Bank, Compeer Financial, Wells Fargo, N.A., First Horizon Bank, JPMorgan Chase & Co., Synovus Bank, South State Bank, N.A., Atlantic Capital Bank, N.A., HSBC Bank USA, N.A. and Seaside Bank and Trust, a division of United Community Bank.

"We are pleased with the successful execution of this important credit facility to boost further acquisition and organic growth priorities, sustaining Growve's long-term growth capital structure and making us a key player in this space," CEO Brian Baer said. "We have completed 13 acquisitions since February 2018 and seven of those in the past year, fortifying our portfolio across all major natural product categories. This bank syndication, in the wake of the Palm Beach Capital announcement, demonstrates investors' support for our vision, strategy and phenomenal growth potential. It unlocks future value at a favorable cost."

"We are excited to have the support of 10 leading financial institutions that have joined together in funding our growth initiatives," added Mark Jaggi, CFO. "We thank Truist Securities for leading this initiative and Truist Bank for their continued participation. They have reposed faith in our fundamentals, and we welcome a host of partners in this new facility."

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