Kate Farms Closes $30 Million Credit Facility With Pacific Western Bank

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Jun 15, 2021, 09:05 ET

SANTA BARBARA, Calif., June 15, 2021 /PRNewswire/ -- Kate Farms®, the market leader bringing plant-based nutrition into healthcare, announced today that the company has secured a $30 million senior credit facility with Pacific Western Bank to help fuel the company's further growth and expansion. The transaction follows Kate Farms' recent Series B funding round totaling $60 million and led by Goldman Sachs Asset Management, Kaiser Permanente Ventures and Main Street Advisors.

Kate Farms continues to drive change and clinically proven outcomes in the medical nutrition space through its higher standard, plant-based formulas. Kate Farms products are organic, non-GMO, plant-based products that not only taste great but are scientifically formulated, clinically proven, and available to most of the leading hospitals across the country to improve people's health, particularly those with chronic medical conditions.

"We are proud to have successfully closed this credit facility with Pacific Western Bank as they very clearly understand our current needs and our future potential," said Tom Beecher, President of Kate Farms. "This is also a reflection of the increasingly rapid growth across the plant-based industry generally, and in healthcare specifically."

"Pacific Western Bank is proud to support Kate Farms with this financing. They are truly a forward-thinking business providing a solution for their clients at a critical time in their lives. We believe their environmentally conscious approach and sound business plan will allow them to succeed and grow their market moving forward," said Jim Duncan, Managing Director of Structured Finance at Pacific Western Bank.

Cafferty & Company served as independent advisor to Kate Farms on the transaction.

About Kate Farms

Kate Farms was founded in 2012 by parents determined to save their daughter's life after a diagnosis of failure to thrive and is the #1 recommended plant-based formula. Kate Farms offers medical formulas for children and adults, to be used as sole source or supplemental nutrition, for oral or tube feeding. They are available nationally and eligible for insurance coverage with Medicare, Medicaid, and private insurance. Kate Farms formulas are made for tolerance with easily digested organic pea protein, fiber, and phytonutrients, and without common allergens or artificial sweeteners or flavors. Kate Farms can be accessed in more than 600 US hospitals, including the top children's hospitals; availability is increasing daily. Visit www.katefarms.com.

About Pacific Western Bank

Pacific Western Bank is a commercial bank with over $32 billion in assets headquartered in Los Angeles, California, with an executive office in Denver, Colorado. The Bank has 70 full-service branches located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. The bank provides community banking products including lending and comprehensive deposit and treasury management services to small and medium-sized businesses through our California-based branch offices and Denver, Colorado branch office. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. For more information about Pacific Western Bank, visit www.pacwest.com.

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SOURCE Kate Farms