Kate Farms secured a $30 million senior credit facility with Pacific Western Bank to help fuel growth and expansion. The transaction follows Kate Farms’ recent series B funding round, which totaled $60 million and was led by Goldman Sachs Asset Management, Kaiser Permanente Ventures and Main Street Advisors.
Kate Farms products are organic, non-GMO, plant-based products that are scientifically formulated for and available to hospitals with the goal of improving people’s health, particularly those with chronic medical conditions.
“We are proud to have successfully closed this credit facility with Pacific Western Bank as they very clearly understand our current needs and our future potential,” Tom Beecher, president of Kate Farms, said. “This is also a reflection of the increasingly rapid growth across the plant-based industry generally and in healthcare specifically.”
“Pacific Western Bank is proud to support Kate Farms with this financing. They are truly a forward-thinking business providing a solution for their clients at a critical time in their lives. We believe their environmentally conscious approach and sound business plan will allow them to succeed and grow their market moving forward,” Jim Duncan, managing director of structured finance at Pacific Western Bank, said.
Cafferty & Company served as independent advisor to Kate Farms on the transaction.
