Siena Lending Group LLC (“Siena”) announced the completion of an $8.0 million revolving credit facility for Wayne Bailey, Inc. (“Wayne Bailey”). The facility will be used to support ongoing working capital needs. Founded in 1935 and headquartered in Chadbourn, NC, Wayne Bailey is a 4th generation family-owned producer of sweet potatoes. Wayne Bailey maintains more than 4,000 acres of farm land and operates fifteen properties across North Carolina, Mississippi, and Texas. According to the United States Department of Agriculture, Wayne Bailey represents approximately 10% of the U.S. sweet potato industry.
Siena, with the assistance of Michael McCauley, Sr. Managing Director & Shareholder of Phoenix Management Services (‘Phoenix”), was working with Wayne Bailey and its management team for over eighteen-months. During this period, Wayne Bailey significantly improved its operating results and liquidity, as well as right-sized its overall capital structure which will allow them continued profitability.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to be able to bring the final piece of the capital structure to a successful completion. Working with the management team and Phoenix for over eighteen months we have shown our endurance in trying to complete a transaction. Along the way there were many bumps in the road, and twists and turns, but everyone stayed the course with a common goal in mind. We are proud to be able to add this business into our diverse portfolio of financing opportunities”.
George Wooten, President and CEO, of Wayne Bailey, said, “We are thankful to Siena for the confidence Dave and his team have in us. We are looking forward to our financial partnership to help us make our great Company even greater”.
Michael McCauley said, “The successful completion of this financing was driven by the determination of George Wooten and his team to execute on the business plan and the commitment of Siena to work with Wayne Bailey over an extended time frame and deliver on its proposal when called upon. Phoenix was glad to have provided strategic and financial advice throughout the process.”