Soli Organic, formerly known as Shenandoah Growers, a soil-based, controlled environment agriculture company, announced a $120 million financing arrangement with real estate development firm Decennial Group.
The company also launched a new corporate name and brand, Soli Organic. The word Soli is derived from the Latin word for soil and reflects the pivotal role of soil in enabling the company's mission to make low-cost, high-quality, organic produce grown nearby available to everyone.
The arrangement with Decennial Group is a key component of the company's strategy to further expand production capacity to meet growing demand. The company intends to build eight new farms, in addition to its seven farms in operation today. The Decennial Group financing will support the construction of three of the eight planned facilities. Each 100,000 square foot facility will have an annual production capacity of 5 million pounds. The company recently broke ground on the first facility financed through Decennial Group, which is located in Anderson County, South Carolina, and is anticipated to be operational by Q2 2022.
"Working with Soli Organic aligns perfectly with the Decennial Group core mission to add value for best-in-class operating companies seeking an optimized real estate investment and development solution," said Scott Goodman, Decennial Group Managing Partner. "We believe this arrangement with Soli Organic will support the company's mission-critical real estate needs in a way that is effective, efficient, and highly scalable while maximizing social impact."
"Support from Decennial Group and equity partners enables Soli Organic to further scale and share with more retail customers and more consumers in more geographies," said Matt Ryan, Chief Executive Officer (CEO) of Soli Organic. "As a result, Soli Organic is well-positioned to continue to build on our legacy of financial and market performance, execute against our growth plan, and deliver differentiated organic products that meet existing and future customer demand."
The corporate name change to Soli Organic Inc. is effective immediately. Product branding will begin to convert to Soli Organic on select product lines in Spring 2022.
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