Laurel Grocery Company

SBA 504 RE-FI, FMLP

LOAN AMOUNT: $8,550,000

LOAN TYPE: SBA 504 Loan

INDUSTRY: Wholesale Distributor

LOAN DETAILS

Location

London, Kentucky

1st Mortgage

$ 4,750,000

Term

25 years

2nd Mortgage

$ 3,800,000

Term

20 years

Jobs

300

History

Laurel Grocery was founded in 1922 by the Griffin and Chestnut families who currently maintain 100% ownership in the Company. Bruce Chestnut is the Chairman of the Board and Winston Griffin serves as Vice Chairman of the Board and in-house counsel. Both are third-generation family members involved in the business.

Laurel Grocery, as a full-service wholesale grocery distributor, sells groceries in bulk to grocery stores. The company has a policy of selling only to independently owned grocery stores. Laurel’s customers are located throughout Kentucky, Tennessee, Georgia, Ohio, Indiana, West Virginia, Pennsylvania, and Illinois. Laurel Grocery has approximately 300 employees.

Laurel’s primary service is to move groceries from its warehouse to its customers’ stores. Laurel offers full-service transportation to its retailers and owns and operates a fleet of over 70 trucks, 121 trailers, and 57 drivers. The company’s strategy is to capitalize on its proven management and operations experience, turnaround track record.