Recent closing of a new credit facility with capacity of $250 million will fuel continued growth
DEVENS, Mass., June 24, 2024 /PRNewswire/ — Little Leaf Farms, the country’s #1 brand of packaged lettuce sustainably grown through controlled environment agriculture (CEA), is announcing further expansion in McAdoo, Pennsylvania with a new greenhouse set to open this fall. The new 10-acre greenhouse is the third greenhouse for Little Leaf Farms in the state and will make Little Leaf Farms’ Pennsylvania campus the largest leafy greens CEA campus in North America.
The 10 additional acres of greenhouse space will increase Little Leaf Farms’ Pennsylvania staff count to over 300 and support the company’s expansion throughout the Southeast and Midwest regions, increasing its retail presence to over 7,000 grocery stores.
“With our latest expansion in Pennsylvania, which increases our total acreage and supports our progress toward our goal of reaching $200 million in retail sales this year, we are well positioned to continue to lead the CEA leafy green industry,” said Paul Sellew, Founder and CEO of Little Leaf Farms. “Importantly, it expands our commitment of bringing fresh, leafy greens to all.”
Little Leaf Farms currently represents nearly 50% of packaged salad grown through CEA in the U.S.1 and is accessible to over 53% of the country’s population, which will continue to grow once the new greenhouse opens. The brand plans to open several more greenhouses in the future to continue to serve its growing consumer base and remains focused on delivering its leafy greens to more grocery stores in the Southeast and Midwest regions.
Credit Facility will Fuel Further Growth
Little Leaf Farms also recently closed a new credit facility with capacity of $250 million, comprised of term loan facilities, delayed draw facilities, and a revolving credit line. The credit facility is a significant milestone supporting the brand’s ongoing capital expansion initiatives as it continues to meet growing consumer demand.
The transaction was arranged with a syndicate of banks led by Bank of America, alongside banks within the Farm Credit System, demonstrating a strong commitment from the financial community to support Little Leaf Farms’ growth trajectory.
“Securing this substantial credit facility marks a significant achievement for Little Leaf Farms as we continue to invest in expanding our operations and meeting the increasing demand for locally grown, sustainably produced lettuce,” continued Sellew. “This funding will enable us to accelerate our growth plans, further strengthening our position as a leader in the CEA industry.”
“We are gratified to continue our longstanding partnership with Little Leaf Farms,” said Randy Mitchell, Senior Vice President of Bank of America. “This transaction underscores our confidence in the company’s vision and ability to execute its strategic initiatives. We remain committed to providing tailored financial solutions to support their continued success.”
With this new credit facility in place, Little Leaf Farms is well-positioned to expand its production capacity, enhance distribution channels and further establish itself as a leading provider of CEA lettuce.
For more information on Little Leaf Farms, visit littleleaffarms.com.
About Little Leaf Farms
Little Leaf Farms is on a mission to transform the way food is grown through peri-urban agricultural practices that are rebuilt for the modern world. Using advanced greenhouse technologies, Little Leaf Farms is growing fresh, sustainably farmed lettuce 365 days a year. Little Leaf Farms utilizes captured rainwater, natural sunlight that shines through high transmission glass, and solar-powered energy in their precise, soil-less hydroponic farming. The crispy, flavorful baby greens are harvested without ever touching human hands and are free from harmful pesticides, herbicides, or fungicides. For more information, visit littleleaffarms.com or @littleleaffarms.
1. Nielsen NIQ Discover Pre-Packaged Salad Category Ending 5/18/24 Total U.S xAOC
SOURCE Little Leaf Farms
