Bridge Bank and ORIX Growth Capital Finance Provide New Credit Facility to Revolution Foods
Bridge Bank and ORIX Growth Capital (“ORIX”) today announced that the firms have provided Revolution Foods with a revised accounts receivable line of credit facility from Bridge Bank alongside a venture term loan shared by Bridge Bank and ORIX. Revolution Foods is a leading provider of healthy and affordable meals to millions of students and families across America. The line of credit will be used to support general working capital requirements, while the term loan will be used to help refinance existing debt and provide long-term growth capital for the company to invest in its consumer packaged goods business and manufacturing plant expansion.
“Bridge Bank and Revolution Foods first worked together in 2010 and we are proud to be part of their continuing story,” said Mike Lederman, senior vice president with Bridge Bank. “We have provided the Company with a variety of banking services and credit facilities over the years, and are pleased to join with ORIX on this recent financing to further extend and support the relationship. We value our long-term relationship and appreciate the opportunity to work with a company that carries such strong values and helps children and families across the country,” Lederman added.
“Revolution Foods has successfully achieved a unique scale and market leading position within the healthy school meals segment,” said Joel Gragg, Managing Director at ORIX Growth Capital. “They are the recognized healthy brand and partner of choice for schools and students across the United States.”
“Bridge Bank has been a critical resource in supporting the growth and impact of Revolution Foods. With Bridge Bank and ORIX's new financing, we will continue to expand our platform to become the leading provider of healthy family meals across the nation,” said Kristin Richmond, CEO and cofounder of Revolution Foods.
ABOUT REVOLUTION FOODS
Revolution Foods believes that proper nutrition is a cornerstone of providing youth the nourishment they need to lead successful lives. With this belief in mind, the company started in 2006 as a provider of nutritious, affordable school lunches to students and now serves over 2 million schools meals every week in 14 states. Based on requests to be able to take meals home from school and coupled with requests for their products from grocery retailers, Revolution Foods services now include retail consumer-packaged products available at thousands of stores across the United States.
The company has built on its purpose-driven roots by putting one percent of all its sales from its consumer packaged food items into a grant fund that goes to schools in need.
ABOUT BRIDGE BANK
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank’s robust national platform of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance ranks #4 on the Forbes 2017 “Best Banks in America” list.
ABOUT ORIX GROWTH CAPITAL
ORIX Growth Capital specializes in designing highly customized financing solutions for high-growth companies with investments starting around $5 million and growing to $50 million. The team has committed over $1.4 billion to more than 125 companies. ORIX Growth Capital is a business unit of ORIX USA, a Dallas-based financial services firm known for providing innovative capital solutions that clients need to propel their business to the next level. With more than 600 employees spanning 20 offices across the U.S. and Brazil, ORIX USA and its family of companies hold $6 billion of assets and manage an additional $29 billion, approximately. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned international financial services company with operations in 37 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX Growth Capital, visit www.ORIX.com/growth-capital.
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