GE Capital Provides $57MM to Apio for GreenLine Foods Acquisition
GE Capital, Corporate Finance announced it has provided $32 million in term financing and a $25 million asset-based revolver for Apio, Inc., a fresh-cut specialty packaged vegetable supplier, processor and distributor. The financing was used to acquire GreenLine Foods, Inc., a processor and distributor of produce, and to provide working capital. GE Capital Markets served as lead arranger on a portion of the term financing.
Founded in 1979, Guadalupe, CA-based Apio is a wholly owned subsidiary of Landec Corporation, a materials science company based in Menlo Park, CA that develops and markets patented products for food, agriculture and biomedical applications. GreenLine Foods is the largest provider of fresh-trimmed, microwavable packaged green beans in North America and was a portfolio company of The Riverside Company.
Harris Williams & Co. acted as exclusive advisor to GreenLine Foods in its sale to Apio. The transaction closed on April 23, 2012 and was led by Glenn Gurtcheff, Tim Alexander, Jeff Cleveland and Brant Cash in the firm’s Consumer Group.
“In our ongoing discussions over the past few years, it became clear that we could turn to GE Capital’s Food and Beverage team,” said Greg Skinner, CFO of Landec Corporation. “GE Capital understands the intricacies of the food industry which was vital in providing the commercial and equipment financing to make this acquisition and help grow our business.”
“Our food industry specialization is built on years of experience and deep domain expertise,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “We take great pride in putting capital to work for middle market food companies and helping them succeed.”