Siena Lending Group completed a $35 million asset-based revolving line of credit for Grove Collaborative, a publicly traded consumer products company headquartered in San Francisco that creates and curates more than 150 brands primarily in the home and personal care categories. The facility was established to support the company’s future growth initiatives.
“We’re pleased to announce the closing of this new facility with our partners at Siena,” Stuart Landesberg, co-founder and CEO of Grove Collaborative, said. “A testament to the financial strength of our company, this credit facility significantly improves our liquidity profile while mitigating dilution for our shareholders. Grove remains well-positioned to continue to execute on our long-term strategic growth plan and show leadership within the CPG industry. We’re excited to partner with the team at Siena who understand that businesses that value sustainability will outperform in the long term.”
“We are excited to partner with a company like Grove which has placed a heavy emphasis on sustainability throughout its corporate culture and production principles,” Nick Payne, senior managing director of originations at Siena Lending Group, said. “A big thank you to the Grove management team and our internal team here at Siena for all their efforts in getting this credit facility closed in such a timely and effective manner.”
