Sprout Organics Baby Food Brand Secures Inventory Financing
Neptune Wellness Solutions Inc., a consumer-packaged goods company focused on plant-based, sustainable and purpose-driven lifestyle brands, and Sprout Organics, the organic plant-based baby food and toddler snack company, have secured inventory financing through an Invoice Purchase and Security Agreement partnership with Alterna Capital Solutions LLC, effective April 21, 2023.
The inventory line will provide Sprout with working capital for additional inventory to meet consumer demand and product line expansion. The maximum available has been amended to $7.5 million, from $5 million previously announced on January 25, 2023, adding a line of inventory to the accounts receivable factoring facility that is already in place.
Chief Executive Officer of Neptune Wellness, Michael Cammarata, said, “We are pleased to be able to secure additional working capital to support Sprout’s continued growth in the organic baby food and toddler snack categories. We look forward to launching expanded inventory and diversifying our product portfolio. We are grateful for the support of our factoring company and look forward to continuing our partnership with them.”
To learn more, visit Sprout Organics and Neptune Wellness.