GE Capital Corporate Finance, an operating unit of the General Electric Company (GE), recently offered a credit facility worth $107.7 million to Mariani Packing, one of the world’s largest independent producers of dried fruit. The transaction is expected to enhance the liquidity of Mariani Packing and facilitate its working capital requirements to drive further growth.
Based in Vacaville, CA, Mariani Packing offers packaged dried fruit products and ingredients for use in baked goods, confectionary products and cereals or trail mixes across the globe. Its products include orchard fruits, raisins and dates, berries, sun-dried tomatoes, tropical fruits, yogurt coated vanilla raisins and honeybars. The company also offers custom products such as raisins, fruit pieces, fruit extrusions, pastes and other ingredient items.
The company sells its products through 40,000 retail outlets in the U.S. and 52 countries around the world, including the United Kingdom, Taiwan, Japan, Mexico, Canada, Australia, Italy, Norway, Sweden, Hong Kong and Thailand. An estimated 150 million pounds of dried fruits are produced per year from both its California headquarters and Wisconsin Rapids, WI facility.
Mariani Packing will utilize the multi-year credit facility from GE Capital to capitalize on potential opportunities for organic and inorganic growth. The debt financing will also strengthen the business relationship of both the companies that is spread over two decades.
GE Capital Corporate Finance provides asset-based and structured loans for working capital requirements, acquisitions, turnarounds and balance sheet optimization to mid-size and large U.S. firms. The key sectors served by it include aerospace; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; oil and gas; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics.
General Electric, the parent company, is one of the largest and the most diversified technology and financial services corporations in the world. With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content and industrial products, the company serves over 100 million customers worldwide.
General Electric currently has a Zacks Rank #3 (Hold). Other notable companies in the industry include Federal Signal Corp. (FSS), Carlisle Companies Inc. (CSL) and Noble Group Ltd. (NOBGY), each of which carry a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment