CLR Roasters, a manufacturer of store brand coffee for national chains, as well as some branded boutique coffees, has expanded its production in Nicaragua.
The Miami-based company said it is underway processing green coffee beans in Nicaragua for the 2020 growing season. Youngevity International Inc., which owns CLR, signed a finance and supply agreement with H&H Export for the supply of 49.5 million pounds of green coffee in the region.
CLR Roasters added additional collateral with a value of $11.1 million to secure the financing agreement.
The coffee will be processed at a new facility in Matagalpa, Nicaragua, where it has another production facility already operational and working on a 2020 green coffee crop.
"This finance and supply agreement has fortified our position as one of the lead processors and exporters coming out of Nicaragua,” said Dave Briskie, President and CFO of Youngevity. “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."
Ernesto Aguila, President of CLR Roasters, stated, "This is a big deal for CLR. We believe we are now well positioned to exceed last year's record revenue and profit numbers. Having these significant financial resources should be a key component for driving our 2020 green coffee program."