The Firmament Group has invested in Fort Pierce, Florida-based Citrus Extracts, which specializes in dehydrating citrus peel primarily for use by food and beverage manufacturers. No financial terms were disclosed for the transaction that was made alongside McLean Family Farms and Sweat Equities LLC.
New York (May 18, 2020) — The Firmament Group (“Firmament”), a leading provider of tailored debt and equity capital solutions to small- and medium-sized enterprises (SMEs), announced today an investment in Citrus Extracts, LLC (“Citrus Extracts” or the “Company”). Citrus Extracts specializes in dehydrating citrus peel primarily for use by food and beverage manufacturers.
Headquartered in Fort Pierce, FL, the Company supplies organic and conventional citrus peel in a variety of forms to meet customer formulated specifications.
As a provider of bespoke capital solutions, Firmament made an investment in the Company alongside McLean Family Farms (“MFF”) and Sweat Equities, LLC (“SE”). MFF is a family office that specializes in organic farming and investing in citrus related businesses. SE focuses on minority investments in food and beverage businesses with an emphasis in the plant based consumer products sector as well as ingredients. Specific terms of the transaction were not disclosed.
“We are thrilled to join this new team,” said Matt McLean of McLean Family Farms. “We have worked with Citrus Extracts the last five years developing a market for their products. Citrus has a myriad of proven health benefits, beyond the juice. Citrus Extracts is a leading provider of dried citrus ingredients and we’re excited about new innovation as well as our partnership with The Firmament Group and Sweat Equities,” added McLean.
Charlie Sweat from said “SE is excited to work with Bill Howe, the current President of Citrus Extracts, LLC, as well as, the McClean Family Office and the Firmament Group to bring resources to the company to expand its current product line sales, as well, as create new citrus based ingredients for the food industry including plant based alternative meats, bakery goods and the cosmetic industry.”
Lisa Moraglia, Principal at Firmament, added, “We are extremely excited to partner with MFF on this transaction given their wealth of knowledge in the citrus sector. We strongly believe that MFF’s focus on the organic segment of the market is in line with consumer demands and will prove invaluable in this investment.”
About Citrus Extracts, LLC
Citrus Extracts takes non-organic and organic food waste from citrus peels (oranges, lemons and grapefruits) and using a proprietary drying process, dehydrates the peel, which is then sold to commercial customers to be used as flavoring in beer, spice and tea products.
About The Firmament Group
The Firmament Group (www.thefirmamentgroup.com) provides tailored debt and equity capital solutions to small- and medium-sized enterprises. Firmament is a value-added partner to entrepreneurs, management teams and business owners and curates solutions by deploying versatile capital in a user-friendly way. Firmament seeks both senior and junior debt capital opportunities including unitranche, second lien and mezzanine debt, and also provides equity capital structured as either preferred or common equity. With offices across the United States and in the United Kingdom, Firmament is focused on turning small business into big business.