NewStar Business Credit Provides $10 Million to Nest Collective
NewStar Business Credit, a wholly owned subsidiary of NewStar Financial, Inc. announced that it has provided a $10 million revolving credit facility to Nest Collective, Inc., a manufacturer and distributor of organic foods for babies, toddlers and kids, with a suite of products that support healthy eating from first foods through lunchbox snacks. The credit facility will be used to meet working capital requirements and provide expansion capital to support growth.
The company’s products are sold under their Plum Organics brand, which offers over 80 meal and snack options in portable, lightweight packaging. All Plum Organics products are USDA-certified organic and contain no artificial ingredients, trans fats or GMOs.
“As we continue our expansion on the West Coast, we are pleased to have this opportunity to develop a new lending relationship support the growth efforts of with Nest through a new lending relationship,” stated NewStar EVP Milton Iskra. “We look forward to supporting assisting Nest in its their continued growth and success,” he added. NewStar’s Lisa Adams, SVP, originated the transaction.
“We are excited to partner with NewStar as we continue to grow our business,” said Michael Meyer, chief operating officer at Nest Collective. “It has been a pleasure working with a team that truly understands our business, our products and our consumer. Their dynamic approach and compleimentary perspectives are the differentiators which will contribute to our long-term partnership.”
NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle-market companies with credit requirements between $5 million and $25 million.