Financing Event: Growth
PNC Deal Leader: Justin Edwards
Founded in 1960 in South Molton, North Devon, Mole Valley Farmers (MVF) began life as an agricultural buying-group. With over 9,000 farmer shareholders, a turnover in excess of £490 million and a 2,100 strong workforce, MVF today is one of the UK’s leading agricultural supply businesses. Holding true to its founding principle of creating a highly competitive pricing environment for agricultural inputs, MVF supports the farming community nationwide through both wholesale channels and direct via its 58 retail outlets.
MVF wished to enjoy a funding structure that offered enhanced headroom for growth and that delivered greater flexibility to move with the business’ seasonal and weather-based cycle.
Following a detailed review process, PNC was selected, not just for its commercial terms, but equally because of its straightforward approach and commitment to the long term.
This new facility opens up many new avenues for our business. It allows us to flex with seasonal and weatherbased fluctuations in trading, helps deliver the strength to negotiate even better deals with suppliers and provides a strong platform for our ambitious plans. We saw many potential lenders, but with PNC we never felt that we were being sold to. Their team had a straightforward and pragmatic approach and wanted to build a long-term partnership. The deal process was smooth, with no surprises along the way. What’s more, they met our tight timescale for deal completion, even though we were in the midst of countrywide lockdown. That was an impressive undertaking.
Bruce Korican | Finance Director, Mole Valley Farmers
*A portion of the funding provided by Steel City Capital Funding, a division of PNC Bank. Steel City Capital Funding provides Cash flow-based senior debt, junior secured and second lien loans for sponsored and non-sponsored transactions.
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