Prana Announces New Financing Facility with Wells Fargo, Set to Drive Ongoing Growth Plans

MONTREAL, March 30, 2022 /CNW/ - Prana, a leader within the organic and plant-based food industry, is pleased to announce the signing of a three-year credit agreement for a senior secured revolving loan facility and a senior secured term loan facility with Wells Fargo Capital Finance Corporation Canada that will enable the next stage of the company’s growth.

“This facility provides Prana with the access to the working capital we need to execute our strategic plan. We see great opportunities in our markets and are eager to expand our offering and provide better food solutions to consumers,” said Alon Farber, Prana’s co-founder and CEO. 

“Health and wellness remain top of mind in our current environment, so Wells Fargo is excited to support a family-owned business like Prana, whose priority is bringing sustainable, responsibly sourced food to consumers,” said Jeremy Baker, managing director for the Central U.S. and Canada loan origination group with Wells Fargo Capital Finance. “We look forward to helping Prana execute on their ambitious growth plans and we’re pleased to be part of their continued journey.”

About Prana 

A Montreal-based certified B Corp https://bcorporation.net/about-b-corps) Prana is a leading manufacturer and marketer of organic snacks and plant-based foods. Founded in 2005 by husband and wife team Alon Farber and Marie-Josee Richer, Prana is Canada’s leading brand in organic nuts, trail mix, seeds and dried fruits, and has recently expanded its portfolio into value-added snacks including chocolate and breakfast (granola, overnight chia). The Prana brand can be purchased in over 4,000 points of sale across Canada and in the U.S. A progressive and values-driven organisation of 100 employees, Prana is committed to a “Triple P” bottom-line (Profit, People and Planet).

About Wells Fargo 

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

For further information: David Laurie, President, Prana Biovegan Inc. dlaurie@pranaorganic.ca