Gibraltar Business Capital (GBC) closed a $22 million senior secured facility for Monterey Mushroom Holdings, LLC, the parent company of Monterey Mushrooms, a leading vertically integrated breeder, producer, packer, and shipper of fresh mushrooms in the United States. The financing supports the company’s ongoing working capital needs and strategic capital investments.
 
Founded in 1971, Monterey Mushrooms grows in excess of 160 million pounds of organic and conventional mushrooms annually across four farms in California, Texas, Tennessee and San Miguel de Allende, Mexico. The company services over 200 customers including major national retailers, club stores, and foodservice operators. Its biotech platform also features Amycel and Spawn Mate, industry leaders in mushroom genetics, growth supplements, and nutraceutical ingredients, and shares common ownership with logistics provider Premier Refrigerated Transport.
 
With its agriculture-based, vertically integrated model, Monterey Mushroom’s leadership prioritized finding a financial partner who could build solutions that addressed the complexity and seasonality of its operations.
 
“I personally knew the Gibraltar team and their deep experience in our industry,” said Chris Abbott, Chief Financial Officer for Monterey Mushrooms, “In addition to a name we already trusted, the two attributes we looked for in a financial partner were creativity and flexibility. Gibraltar was the clear choice on both those fronts.”
 
GBC understood the dynamics of operating in the agricultural industry, including the nuances of Monterey Mushroom’s operations, interconnectivity of operating units, and complex supply chains. The GBC team was able to craft a custom solution aligned to the company’s production cycles and growth initiatives, including modernization of equipment across its operations. 
 
“This is what we do best,” said Scott Winicour, Chief Executive Officer of Gibraltar Business Capital. “We understand companies in the agriculture supply chain are navigating unprecedented volatility and uncertainty. Our ability to provide seasonal liquidity through custom solutions is more important now than ever before. We are excited for what this structure will bring to the team at Monterey Mushrooms.”