Brightwood's Recipe: Why Private Credit is Betting on Your Spice Rack

NEW YORK, NY – June 25, 2026 – In a move that speaks volumes about where smart money is flowing, private credit firm Brightwood Capital Advisors has stepped in as the lead lender on a new credit facility for I Love Produce, a key player in North America's specialty aromatics market. The financing, supported by Promise Holdings (the company's owner) and co-investor OFS Capital Management, is more than just a line of credit; it’s a calculated injection of fuel for an aggressive expansion and acquisition strategy in a surprisingly resilient corner of the consumer market.

While press releases speak of partnerships and growth, the real story lies in the convergence of three powerful forces: surging consumer demand for fresh, flavorful ingredients; a company methodically consolidating a fragmented market; and the strategic deployment of private credit to accelerate that consolidation. This deal provides a clear blueprint for how middle-market companies can achieve scale, and for investors, it’s a red flag—the good kind—signaling a robust opportunity hiding in plain sight on the grocery store shelf.

A Calculated Bet on a Growing Appetite

The foundation of this deal isn't built on complex financial engineering, but on something far more fundamental: the modern consumer's palate. The garlic, ginger, and shallots that form the core of I Love Produce's business are no longer just commodity ingredients; they are pillars of a global culinary and wellness movement. Market data substantiates the claim of “favorable long-term consumer demand trends” mentioned in the announcement. North America’s garlic market, for instance, is projected to climb to over $2.1 billion by 2035, with consumption in over two-thirds of households. This isn't a fad; it's a systemic shift.

Driving this demand is a rising consumer focus on health, wellness, and natural foods. Ginger, with its anti-inflammatory properties, is seeing its market value projected to exceed $1.54 billion by 2030 in North America alone, propelled by its use in everything from cold-pressed juices to natural remedies. Shallots are riding a similar wave, buoyed by the foodservice sector and home cooks seeking nuanced flavors. This durable demand creates a defensive moat for businesses like I Love Produce, making them an attractive proposition for lenders like Brightwood who value predictable cash flows and non-cyclical industries.

I Love Produce: Building an Aromatic Empire

With a strong market tailwind, I Love Produce isn't just floating along; it's actively steering toward market dominance. The capital from Brightwood and OFS is earmarked for an acquisition strategy that is already well underway. The Pennsylvania-based company has been on a strategic buying spree, recently integrating Canada Garlic and Garlic King into its operations. This followed the 2024 merger with Gourmet Specialty Imports, now rebranded as I Love Shallots.

These moves are not random acts of expansion. They represent a deliberate strategy to build an integrated international platform. By acquiring regional leaders, I Love Produce strengthens its supply chain, expands its geographic footprint, and diversifies its customer base across wholesale, retail, foodservice, and industrial ingredient channels. The goal is to create a one-stop shop for high-quality aromatic produce, ensuring year-round supply and operational resilience. This consolidation play is critical in a fragmented industry, allowing the company to achieve economies of scale, enhance its sourcing power, and solidify its position as a market leader.

The Operators Behind the Capital

Understanding the investors is key to understanding the deal's architecture. Promise Holdings, which acquired I Love Produce in 2023, is not a typical private equity firm. The Chicago-based holding company defines itself as an operator first, often holding investments indefinitely and taking a hands-on role. Their portfolio, which includes established consumer brands like Hickory Farms, reveals a pattern of investing in companies with strong fundamentals and helping them execute long-term growth. For Promise Holdings, the Brightwood financing isn't an exit strategy; it's a tool to build a more valuable, enduring enterprise.

“We are pleased to partner with Brightwood as we enter the next phase of growth,” said Gordon Liao, Co-Founder and Managing Partner at Promise Holdings. “Brightwood’s experience supporting founder-built businesses and acquisition-driven growth strategies made them an ideal financing partner for I Love Produce.”

Enter Brightwood Capital Advisors. With over $6 billion in assets, the firm specializes in providing debt capital to U.S. middle-market businesses, typically those with $5-$75 million in EBITDA. While its core sectors are listed as tech, healthcare, and logistics, this deal demonstrates its opportunistic and thesis-driven approach. Brightwood saw a well-managed company with a clear growth path, backed by a credible owner, operating in a sector with strong consumer tailwinds. This is the firm’s bread and butter: finding solid businesses and providing the flexible capital needed to execute a specific plan.

“We are excited to lead this financing and partner with the I Love Produce and Promise Holdings team,” said Scott Porter, Co-Head of Origination at Brightwood. “We have great conviction in the team and the platform they've built, and we look forward to supporting their continued growth.” The participation of OFS Capital Management, another established middle-market lender, further validates the investment thesis and provides a deeper capital pool for future moves.

The New Blueprint for Middle-Market Growth

Ultimately, the financing of I Love Produce serves as a powerful case study for the modern middle market. It showcases a symbiotic relationship where specialized private credit is becoming the preferred fuel for ambitious, operator-led growth. Promise Holdings maintains control and strategic direction, while I Love Produce gets the capital needed to consolidate its market without the dilutive pressures often associated with traditional equity fundraising.

For their part, Brightwood and OFS get to deploy capital into a high-quality, defensive asset with a clear path to generating the returns needed to satisfy their investors. This isn't just about lending money; it's about backing a specific, well-vetted business plan. As more middle-market companies look to scale through acquisition, this model—pairing operational expertise with strategic debt—is poised to become an increasingly common blueprint for success.