CLR Roasters has secured financing to buy as much as 49 million pounds of green coffee from Nicaragua for the 2020 growing season.
Youngevity International, Inc., parent company of CLR Roasters, said in a statement that CLR Roasters “has entered into a finance and supply agreement for the 2020 growing season with H&H Export Y CIA, LTDA, funded by H&H Export's $46,500,000 credit facility established with a Nicaraguan special purpose Agency.”
CLR Roasters provided $11.1 million in additional collateral to secure the deal, the statement said.
The company intends to process green beans at the new state-of-the-art production facility it built in partnership with the Siles Family Plantation Group in Matagalpa, Nicaragua, and expects to have the processing plant operational by July. Unprocessed green coffee beans are already being dried and stored at there.
CLR's other company-owned production facility, La Pita, located in Matagalpa, Nicaragua, already is processing the 2020 green coffee crop.
"This is a very impressive partnership and this finance and supply agreement has fortified our position as one of the lead processors and exporters coming out of Nicaragua,” said Dave Briskie, Youngevity’s president and c.f.o. “We expect our balance sheet will be strengthened because of this partnership and we plan on leveraging this relationship to further grow our top line revenue and operating profits."