Armory Securities, LLC Announces $245 million Comprehensive Refinancing for Landec Corporation

Armory Securities, LLC is pleased to announce a $245 million comprehensive refinancing for Landec Corporation (NASDAQ: LNDC). Armory served as exclusive financial advisor and placement agent to Landec for the transaction.

Landec is a diversified health and wellness solutions company with two operating businesses:

Curation Foods is an innovator and distributor of plant-based foods to retail, club, and foodservice channels throughout North America. Curation Foods brands include Eat Smart® fresh packaged vegetables and salads, O Olive Oil & Vinegar® premium artisan products, and Yucatan® and Cabo Fresh® avocado products.

Lifecore Biomedical is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of sterile, injectable pharmaceutical products in syringes and vials for global and emerging biopharmaceutical and biotechnology companies.

The $245 million financing was comprised of a 5-year $170 million senior secured term loan and a $75 million senior secured ABL revolver. The financing provides the business the necessary flexibility and working capital to continue the positive momentum and turnaround of its natural foods division, and additional capital to support Lifecore’s long-term strategic growth plans with $150 million of immediate term loan proceeds and $20 million of Delayed Draw Term Loan commitment to fund planned capital expenditures of the biomedical CDMO business over the next 24 months.

For information on this transaction or about Armory Securities, please contact one of the following deal team members:

Eben Perison
Head of Investment Banking
Senior Managing Director
Doug McDonald
Head of Food and Agribusiness
Managing Director
Evan Altman


Armory Securities, a division of Armory Group, LLC, is a leading investment bank dedicated to helping middle market companies and their constituents. Armory Group, through its subsidiaries, provides investment banking services, asset management services and advisory services, including enterprise transformation and interim management, to middle market companies and their stakeholders. Learn more about Armory Group, and its subsidiaries, at

Armory Securities, LLC, member FINRA, Member SIPC

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