Rockland – March 3, 2015 – Rockland Trust announced the bank has funded a $45.1 million Asset-Based credit facility to Elmhurst Dairy, Inc. and its affiliates Worcester Creameries Inc. and Dora’s Naturals. The funding refinances and bolsters the companies’ existing credit facilities. The financing package will provide Elmhurst and its affiliates with more liquidity and a capex facility to support current and future growth. Rockland Trust is the Lead Bank in the transaction and has partnered with HVB Capital, the Asset Based Lending arm of Hudson Valley Bank, as co-lender in completing the transaction.
“We are excited to partner with Elmhurst Dairy, a third generation family owned business and its affiliates to finance their further growth,” said Dan Landers, Senior Vice President and Head of Asset Based Lending at Rockland Trust. “Our company feels it’s important to support family-owned businesses and provide the resources they need to be successful.”
Elmhurst Dairy, the only existing New York City-based dairy manufacturing company, is part of a group of family-owned companies that include Worcester Creameries and Dora’s Naturals. The financing package will support the three companies in leveraging their substantial expertise in the dairy and natural foods industries.
“We are very excited to partner with Rockland and HVB Capital. This new relationship will help us meaningfully grow our business in the near and long term.” Said Cyrus Schwartz, President of Dora’s Naturals and Worcester Creameries, and Chief Operating Officer of Elmhurst Dairy.
About Rockland Trust
Independent Bank Corp. has approximately $7 billion in assets and is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust offers a wide range of banking, investment, and insurance services to businesses and individuals through retail branches, commercial lending offices, investment management offices, and residential lending centers located in Eastern Massachusetts and Rhode Island, as well as through telephone banking, mobile banking, and the Internet. Rockland Trust, which was named to Sandler 2014 Sm-All Stars list of top performing small-cap banks and thrifts in the country, is an FDIC Member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters ®”, please visit https://www.rocklandtrust.com.
About Elmhurst Dairy and affiliates
Elmhurst Dairy is a family-owned dairy that was founded in Queens, New York in 1919, where it has operated since its inception. Worcester Creameries is also a family-owned business that supplies raw milk to Elmhurst Dairy, and produces organic and specialty milk. Dora’s Naturals is a distributor of quality natural and organic perishable products, including the Zen, Evolve and Mountainside Farms brands.
“We are excited to partner with Elmhurst Dairy, a third generation family owned business and its affiliates to finance their further growth,” said Dan Landers, Senior Vice President and Head of Asset Based Lending at Rockland Trust. “Our company feels it’s important to support family-owned businesses and provide the resources they need to be successful.”
Elmhurst Dairy, the only existing New York City-based dairy manufacturing company, is part of a group of family-owned companies that include Worcester Creameries and Dora’s Naturals. The financing package will support the three companies in leveraging their substantial expertise in the dairy and natural foods industries.
“We are very excited to partner with Rockland and HVB Capital. This new relationship will help us meaningfully grow our business in the near and long term.” Said Cyrus Schwartz, President of Dora’s Naturals and Worcester Creameries, and Chief Operating Officer of Elmhurst Dairy.
About Rockland Trust
Independent Bank Corp. has approximately $7 billion in assets and is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust offers a wide range of banking, investment, and insurance services to businesses and individuals through retail branches, commercial lending offices, investment management offices, and residential lending centers located in Eastern Massachusetts and Rhode Island, as well as through telephone banking, mobile banking, and the Internet. Rockland Trust, which was named to Sandler 2014 Sm-All Stars list of top performing small-cap banks and thrifts in the country, is an FDIC Member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters ®”, please visit https://www.rocklandtrust.com.
About Elmhurst Dairy and affiliates
Elmhurst Dairy is a family-owned dairy that was founded in Queens, New York in 1919, where it has operated since its inception. Worcester Creameries is also a family-owned business that supplies raw milk to Elmhurst Dairy, and produces organic and specialty milk. Dora’s Naturals is a distributor of quality natural and organic perishable products, including the Zen, Evolve and Mountainside Farms brands.
