Stamford-based GE Capital, Corporate Finance is providing $100 million in asset-based credit to Monrovia Nursery, one of the world’s largest producers of container-grown plants.
“Especially in this environment, having a lender who truly understands our business and delivers on what they promise is extremely valuable,” said Tyler Page, chief financial officer at Monrovia Nursery.
The loan will be used for working capital needs; GE Capital Markets served as co-lead arranger.
“GE Capital continues to provide us with the liquidity we need to meet our business objectives,” said Page.
Founded in 1926, Azusa, Calif.-based Monrovia has been a GE Capital client since 2004. Monrovia grows more than 20 million container plants in 2,000 varieties and ships plants to independent garden centers nationwide. The company has introduced some 300 exclusive varieties, holding more than 200 patents and trademarks.
“We work closely with customers to provide the financing they require to support their working capital needs,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “Significant commitment levels and certainty of execution means timely access to capital for our borrowers.”
