Legacy Corporate Lending completed a $10 million asset-based revolving line of credit for Franklin Baker, which will use the proceeds to support ongoing working capital needs and continued growth.
Founded in 1895 in Philadelphia and with current North American operations based in Memphis, TN, Franklin Baker is a supplier of coconut products and ingredients to the global food market, accounting for nearly 50% of total Philippine coconut imports to the U.S.
“We are delighted to be able to provide Franklin Baker with a credit facility tailored to meet their needs,” Clark Griffith, CEO of Legacy Corporate Lending, said. “We were impressed with Franklin Baker’s long and respected history both in the Philippines and the United States as well as the Company’s exceptional management team. We believe the business is well-positioned for its next phase of growth.”
“Throughout the financing process, the Legacy team proved that they fully understood the food ingredients space, as well as the cross-border nature of our supply chain,” John Slade, vice president and general manager of Franklin Baker, said. “We look forward to a strong continued partnership with Legacy.”
