Premium Peanut Announces New Markets Tax Credit Financing for Shelling Facility in Santee, S.C.
SANTEE, SC (July 30, 2024) – Premium Peanut is pleased to announce the closing of a project finance transaction involving $42 million in New Markets Tax Credit (NMTC) allocation that will support the company’s expansion in Santee, South Carolina. This NMTC allocation will help finance construction of the Company’s new peanut shelling facility and was made possible by NMTC allocation received from a number of Community Development Entities (CDE), including: CEI Capital Management LLC, Hampton Roads Ventures, LLC, Mascoma Community Development, LLC, The Innovate Fund, LLC, and Truist Community Development Enterprises, LLC. Truist Community Capital, LLC served as the tax credit investor in the NMTC transaction, and Truist Bank is providing additional financing for the project.
“We are grateful to all of the CDEs, Truist Community Capital, Truist Bank, the state of South Carolina, and others, that have supported this expansion project,” said Clay Garnto, President and CEO of Premium Peanut. “They are directly supporting a project that allows our company to continue to build on our grower-owned model for producers in both South Carolina and Georgia, expanding our capacity and efficiency, while creating quality jobs in Santee. We are excited for the future of our company and are looking forward to beginning the next phase of construction of the new shelling facility.”
Premium Peanut is an innovative, grower-owned peanut shelling company, headquartered in Douglas, Georgia. The company started shelling peanuts in January 2016, and has since expanded to also produce peanut oil, peanut meal, peanut hulls, and peanut seed. With over 450 grower-owners spread across Georgia and South Carolina, Premium Peanut has given peanut farmers an opportunity to retain more value from the peanuts that they grow. Over the life of the company, Premium Peanut has remained true to its profit-sharing model, and has paid over $98 million to its grower-owners in dividends.
This state-of-the-art shelling facility in Santee will set a new standard for innovation in the country and enable Premium Peanut to enhance capacity and efficiency throughout its operations. The project is anticipated to generate a significant number of permanent and temporary construction positions in a non-metro community with an unemployment rate that is currently 1.29x the national average. This new shelling facility will be located off I-95 in Santee, in the South Carolina Gateway Industrial Park, taking full advantage of Orangeburg County’s Global Logistics Triangle. The Company anticipates commencing operations at the new shelling facility by the first quarter of 2026. Growers interested in learning more about joining Premium Peanut should contact Amanda McCarty at 912-331-7020.
Premium Peanut appreciates the support of the CDEs, Truist, CoBank, the state of South Carolina, the South Carolina Department of Agriculture, the South Carolina Department of Commerce, the Orangeburg County Council, the Orangeburg County Development Commission, the Town of Santee, and many others.
About Premium Peanut
Founded in Georgia in 2014, Premium Peanut is a grower-owned peanut shelling company consisting of more than 450 grower-owners. The company also produces peanut oil, peanut meal, peanut hulls, and peanut seed. Premium Peanut’s customers consist of major domestic snack, candy, and peanut butter manufacturers, as well as customers in more than 30 countries around the world.
