December 22, 2014

Fry Foods

Ontario, Oregon

Fry Foods

In partnership with U.S. Department of Agriculture, Craft3 provided Fry Foods with a $10,000,000 loan to finance the purchase of the existing Select Onion facility.
Fry Foods is family-owned and operated, with a 75-year history in the food industry. It processes onions, mushrooms and assorted vegetables for food service and retail throughout North America.

When its West Coast processing facility in Weiser, Idaho reached capacity, Fry Foods sought a larger location. It found the former Select Onion process facility. This 302,000 square foot facility was used to process onions until its close in 2012. The facility is five times larger and located just 20 miles away in Ontario, Oregon, one of the largest onion producing regions in the country.

With Ontario’s personal income levels trailing the state average by 31% and more than a quarter of the population living below the poverty line, bringing 180 existing employees to the area and creating 124 new jobs for locals will be a huge boost to Ontario’s economy.

Craft3 originally planned to participate at a much smaller level. When the lead lender fell through, Craft3 stepped up to finance the majority of the purchase. In partnership with U.S. Department of Agriculture, Craft3 provided Fry Foods with a $10,000,000 loan to finance the purchase of the existing Select Onion facility.

Craft3’s loan would not have been possible without a USDA loan guarantee and capital support from The Oregon Community Foundation and Wells Fargo.