Vegan beverage brand Califia Farms announced this week that it secured a $15 million lease with equipment finance company CapX Partners to further expand its production capacity. “CapX enjoys working with strong leaders and growing companies,” CapX Partners Managing Director Richard Bollinger said. “Califia Farms is a familiar household brand, recognized as a market leader across multiple categories.” Califia Farms is at the forefront of the growing plant-based milk industry, which is predicted to reach $35 billion by 2024. “In order to meet the growing demand,” Califia Farms CFO Demir Vangelov said, “we needed to build two new production lines, which required a significant investment and has resulted in tripling our output capacity at our Bakersfield plant.” Greg Steltenpohl founded the fast-growing company in 2010 and received a $50 million capital injection in 2015 from New York City firm Stripes Group to fund its mission of becoming “the plant-based company of the future.”
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