MightyVine announced a deal with Rabo AgriFinance to expand its production capabilities. Financing from Rabo AgriFinance will allow MightyVine to expand its 15-acre greenhouse in Rochelle, Ill. to a total of 30 acres by 2020. The expansion is driven by demand from MightyVine’s current retail partners for the grower’s locally-grown tomatoes.
The agreement will allow MightyVine to expand for the third time since beginning operations in 2015 with a 7.5-acre state-of-the-art greenhouse. In 2016, MightyVine completed the buildout of their second phase and doubled production to 15 acres. The company expects to have another 7.5-acres operational by the end of the year and the remaining 7.5 acres in 2020.
“We’ve built a brand that consumers are asking for in restaurants and grocery stores all over the Midwest. This financing will allow us to move toward doubling our production capabilities and greater serve the Chicagoland marketplace”, said Gary Lazarski, CEO for MightyVine. “Rabobank is a leading financier of greenhouses in the world and their understanding of next-generation agriculture makes them the perfect bank for us,” said Lazarski.
“MightyVine’s success is due to their ability to reliably provide a high-quality product in close proximity to the consumer. We enjoy working with an innovative grower like MightyVine that has a sustainable, strategic growth plan that aligns with our mission of supporting growth while growing a better world,” said Shawn Smeins, deputy head of Rabo AgriFinance.
“Both Royal Pride Holland and VB Greenhouses have been long-standing partnerships of MightyVine and both have relationships with the Netherlands-based Rabobank. The trust built on those relationships and the depth of industry knowledge Rabobank is able to share with its U.S. affiliates were crucial elements in putting in place financing terms that give MightyVine the best opportunity to succeed,” said Jim Murphy, Chairman of the Board for MightyVine.