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Siena Lending Group Closes $35MM Credit Facility for Grove Collaborative Holdings

April 19, 2023, 08:00 AM
Filed Under: Consumer Products

Siena Lending Group completed a $35 million asset-based revolving line of credit for Grove Collaborative Holdings, Inc., a publicly traded company headquartered in San Francisco, California. The facility was established to support the Company’s future growth initiatives. A leading sustainable consumer products company and a Certified B Corp™, Grove creates and curates over 150 sustainable, high-performing brands primarily in the home and personal care categories.

"We're pleased to announce the closing of this new facility with our partners at Siena," said co-founder and CEO Stuart Landesberg. "A testament to the financial strength of our Company, this credit facility significantly improves our liquidity profile while mitigating dilution for our shareholders. Grove remains well-positioned to continue to execute on our long-term strategic growth plan and show leadership within the CPG industry. We’re excited to partner with the team at Siena who understand that businesses that value sustainability will outperform in the long term."

Nick Payne, Senior Managing Director of Originations at Siena said, “We are excited to partner with a company like Grove which has placed a heavy emphasis on sustainability throughout its corporate culture and production principles. A big thank you to the Grove management team and our internal team here at Siena for all their efforts in getting this credit facility closed in such a timely and effective manner.”

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