Siena Lending Group LLC (“Siena”) announces the completion of a three-year $8 million asset based revolving credit facility for Algenist LLC (“Algenist”). The facility will be used to support the company’s working capital and continued growth.
Algenist, founded in 2011, is a skincare company based in Glendale, CA and is majority-owned by private equity firm Tengram Capital Partners LLC (“Tengram”). Algenist developes and produces luxury-brand, clinical skincare products that utilize the beneficial, scientific properties of microalgae, one of the oldest and most nutrient-rich algae in the world. The company’s portfolio of products spans across key skincare categories, including anti-aging, firming & lifting, repairing, pore refining, cleansing, brightening, and color correction.
Scott Elliotto, Director of Siena Lending Group, said, “We are pleased to have the opportunity to partner with Tengram and the company’s management team and provide a financing solution to accommodate the projected growth of the Algenist brand. It was a pleasure working with them and we look forward to the company’s future growth and success.”
“Siena provided an attractive financing alternative for Algenist and was very responsive in addressing the company’s liquidity needs,” said Rich Gersten, a Partner at Tengram.