1 Cloverleaf Drive, Monmouth, IL
Founded in 1952, Cloverleaf Cold Storage is a family-owned provider of public and contract storage for the meat processing and packaging industries. With 15 refrigerated warehouses and nearly 65 million cubic feet of food storage space nationwide, Cloverleaf is consistently ranked by the International Association of Refrigerated Warehouses as one of the 25 largest operators in the world.
In early 2015, Cloverleaf kicked off plans to open a 235,000 sq. ft. facility that would provide refrigerated warehouse space and added distribution capacity to the adjacent Farmland processing plant, and engaged Crescent Growth Capital to help them solicit, structure and close a NMTC funding to finance the $30MM facility. In April, 2015, CGC and Cloverleaf closed a stacked NMTC financing utilizing $10MM of Illinois State NMTCs and $14MM of Federal NMTCs provided by Enterprise Bank & Trust, Capital Impact Fund and JP Morgan Chase provided.
The new facility, Cloverleaf’s first in Illinois,is expected to create up to 150 new jobs and will allow for further expansion at the Farmland plant increasing food distribution capacity in a USDA-designated Food Desert. The NMTC loans not only provide Cloverleaf with low-cost financing, but has the potential to accelerate Cloverleaf’s long-term expansion plans, which would create up to 50 additional jobs at the Monmouth facility.