Siena Lending Group announced the completion of a three-year $2.425 million senior secured credit facility for Southern Tier Pet Nutrition LLC on October 17, 2013. The facility will be used to support the company’s working capital and capital expenditure needs.
Southern Tier Pet Nutrition LLC located in Sherburne, NY, is a leading contract manufacturer of premium holistic, natural and organic pet foods in the United States. The company is a pioneer in the organic pet food space, owning the first organic certified plant in the U.S., and is the only USDA organic certified pet food producer on the East coast. Southern Tier Pet Nutrition is owned in partnership by BHC Interim Funding III, L.P. and Ohio Pet Foods, Inc., a third-generation owned manufacturer of high quality pet food.
David Grende, president and CEO of Siena Lending Group, said, “We are pleased that we were able to support Southern Tier during this period of vibrant growth. We’re impressed by the leadership in this business and look forward to working together to help management meet all of their future goals.”
James Golladay, chairman and president of Ohio Pet Foods, said, “We are very excited to partner with Siena on this transaction. Their flexibility and responsiveness will allow Southern Tier to make productivity increasing investments and build upon the rapid growth it has experienced this year.”
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $20 million to small and middle market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.