BOSTON--(BUSINESS WIRE)--Crystal Financial LLC announced the closing of a $60,000,000 Senior Term Loan for Southern States Cooperative. (“Southern States” or “the Company”). Established in 1923, the Company is one of the largest cooperatives for farmers and rural homeowners. They provide a broad assortment of products, services and growing solutions to support farming communities in 21 states.
Proceeds from the financing were used support the transaction between Southern States and GROWMARK positioning both companies to enhance service levels and drive improved profitability for the farmer-owners of both cooperative systems.
“Crystal Financial was a reliable and creative financing partner throughout the process, helping to facilitate a successful transaction by providing the necessary capital to support our go-forward liquidity needs,” said Jeff Stroburg, President and CEO of Southern States. “We appreciate their hard work and dedication, as well as their continued belief in the Southern States team.”
Rebecca Tarby, Senior Managing Director of Crystal Financial added, “Crystal is pleased to reconfirm our support of Southern States as it embarks on this transformative transaction. We believe the partnership between Southern States and GROWMARK, as well as the strategic initiatives spearheaded by Jeff and his team will strongly position the Company for long-term success. We look forward to continuing the relationship with Southern States and its management team.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd., is a leading provider of direct private credit focused on originating, underwriting, and managing both asset-based and cash flow financings to middle-market companies. Since inception in 2006, its team of experienced, responsive professionals have provided more than $4 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.
About Southern States Cooperative:
Southern States Cooperative is a Richmond, Va.-based cooperative serving retail and wholesale outlets across 21 states, providing a wide range of farm inputs including fertilizer, seed, livestock feed, pet food, animal health supplies, petroleum products, and various other items for the farm and home.
GROWMARK is an agricultural cooperative serving almost 400,000 customers across North America, providing agronomy, energy, facility engineering and construction, and logistics products and services, as well as grain marketing and risk management services. Headquartered in Bloomington, Illinois, GROWMARK owns the FS trademark, which is used by member cooperatives. GROWMARK also owns and operates SEEDWAY, the largest full-line seed company in the United States. More information is available at growmark.com.