New Era’s American Apple, LLC, based in New Era, Mich., has received $12.6 million of expansion capital from Grow Michigan and Greenstone Farm Credit, according to an announcement made today by Grow Michigan CEO Patrick O’Keefe. Grow Michigan II, LLC, in partnership with Greenstone Farm Credit announced the closing of a combined $12.6 million credit facility with American Apple and Asparagus. New Era’s American Apple, LLC., and Variable Interest Entities (“New Era”) is a collection of farm entities owned by Caleb and Sarah Coulter. New Era’s entities all operate in the agriculture industry, with the primary focus on asparagus and apple produce, both packaging and growing. The new capital will be used to refinance the Company’s existing debt, provide operating working capital and expansion capital that will increase capacity for both apples and asparagus, by approximately 28% and 33% respectively. The facility consists of revolving credit lines, and a combination of senior secured and subordinate term debt.
“Grow Michigan is designed to help provide capital to businesses in Michigan seeking to expand their facilities and grow Michigan jobs,” said Grow Michigan’s CEO, Pat O’Keefe. “New Era is a unique group of agriculturally based companies that continue to give back to their surrounding grower community.”