Siena Lending Group LLC announced the completion of a three-year US$2.45 million senior secured credit facility for Southern Tier Pet Nutrition LLC on October 17. The facility will be used to support the company's working capital and capital expenditure needs.
Southern Tier Pet Nutrition, located in Sherburne, New York, USA, is a contract manufacturer of holistic, natural and organic petfoods in the US. The company is owned in partnership by BHC Interim Funding III, L.P. and Ohio Pet Foods Inc.
David Grende, president and CEO of Siena Lending Group, said, "We are pleased that we were able to support Southern Tier during this period of vibrant growth. We're impressed by the leadership in this business and look forward to working together to help management meet all of their future goals."
James Golladay, chairman and president of Ohio Pet Foods, said, "We are very excited to partner with Siena on this transaction. Their flexibility and responsiveness will allow Southern Tier to make productivity increasing investments and build upon the rapid growth it has experienced this year."
New shelter data casts doubt on whether the pet population and pet ownership are truly growing.
While the pandemic caused unprecedented suffering worldwide in 2020, the disruptions to dogs, cats and other pets adoption numbers may normalize in 2021.