Little Leaf Farms secures funding from BOA for expansion plans

US-based packaged lettuce producer Little Leaf Farms has secured financing from the Bank of America (BOA) for its growth and expansion plans.

As part of its plans, the company will double the size of its Massachusetts base in 2020 and later expand into New York, New Jersey, Pennsylvania and North Carolina. In the Eastern Pennsylvania region, Little Leaf Farms will start construction on a 20-acre greenhouse, followed by another 20-acre greenhouse in Western North Carolina.

In May next year, Little Leaf Farms plans to construct a new greenhouse at Devens, expanding from five acres to 10 acres. This will increase the production of the sustainably grown lettuce to two million boxes that will be delivered to New York and New Jersey’s major supermarket chains.

Little Leaf Farms CEO Paul Sellew said: “Having the Bank of America so solidly behind us as we expand into several new regions is critical to our momentum.

“Customers have really responded to our lettuces, saying we have the best, most flavourful product, and we are now the number one packaged lettuce in New England.”

Established in 2015, Little Leaf Farms supplies its greenhouse-grown baby green lettuce grown without pesticides, herbicides and fungicides to major supermarket chains in New England.

BOA has agreed to provide $18m of initial financing, which will be followed by a further $20m.

Bank of America Global Commercial Banking senior vice-president Randy Mitchell said: “We are supportive of Little Leaf Farms’ efficient growing methods, using sunlight and captured rainwater, to grow delicious lettuce that only travels locally so it remains flavourful.

“We believe in the company’s environmentally and socially responsible mission as they expand into new markets on the East Coast.”