Carofin and Carolina Financial Securities recently announced the closing of another successful investment in a Southeastern blueberry farm, following last year’s fruitful capital raise for a similar venture. The funds were channeled through the single purpose vehicle (SPV), Berry Capital Management II (BCM II), achieving three key objectives – securing a farm lease with an institutional agricultural Real Estate Investment Trust (REIT), acquiring the necessary farm equipment, and offering working capital for the preparation of the 2023 harvest.
Brick Rooks, CEO of Carolina Berry Group (CBG), commented, “Each farm we bring under our wing strengthens our capability to serve our retail customers better and fortify our marketing partnerships. A hands-on operation of these farms enables us to ensure a consistent supply during critical periods.”
By leasing this farm, the land management stays within the local community. Rooks and CBG are seasoned players in Southeastern blueberry farming, boasting decades of experience.
Blueberries, native to North America and first sold commercially in 1916, have made the United States the world’s top producer. Despite being grown in 26 states, 98% of the blueberry production centers are in ten states: Oregon, Washington, Georgia, Michigan, California, New Jersey, North Carolina, Florida, Texas, and Minnesota. Blueberries rank second after strawberries in production, but their growth rate has outpaced them in the last decade. In fact, from 2010 to 2019, the annual growth rate of fresh blueberry production averaged 5%, surging from 246.4M pounds in 2010 to 373M pounds in 2019.
Joshua Green, VP of Sales and Analytics at Carofin, noted the promising prospects of Southern-grown blueberries, saying, “The successful closing of BCM II further underscores our confidence in this crop. Our structure empowers Brick to excel in his area of expertise, blueberry farming and expanding CBG’s footprint in the Southeast.”
Garrick Ruiz, VP of Sales and Syndication at Carofin, highlighted investors’ growing interest in this domain, stating, “BCM’s repeatable structure has been well-received by investors seeking yields outside traditional bond and real estate investments. We’re ecstatic about the continued success of this program.”
The needed capital for BCM II financing was amassed through a syndicate of high-net-worth accredited investors and family offices. Carofin, a trusted source for direct private investments, has facilitated investment in various industries, including aviation, medical technologies, consumer brands, and agriculture. Carofin and its affiliates have mobilized over $1.3 billion across 200+ direct private investments.
Furthermore, Carofin has leveraged its financial prowess to raise capital for various food production ventures like sweet potato farming, poultry processing, tomato farming, and organic beef cattle ranching over the past decade.
Carolina Financial Group (CFG), the parent company of Carofin and CFS, is a private investment bank specializing in structuring investments and raising crucial capital for small to medium-sized businesses aspiring for growth capital in the U.S. Since 1995, Carofin and CFS have successfully raised over $1.3B across more than 200 private transactions.