American Flower was founded in 1965 by Mr. Mike Thomas to grow gladiolus bulbs to ship to the U.S. A few years after its foundation the company expanded into chrysanthemums, which were also targeted to the U.S. market. In 1971, market demand for flowers and prices dropped sharply due to oversupply, and the company faced a severe cash crunch.

About this time, LAAD representatives met with Mr. Thomas and offered to help the company weather the market cycle by providing financing to bridge the cash crunch and to fund diversification and expansion so the company could better withstand future market downturns.

Over the next three decades, and with LAAD’s help, the company’s annual sales grew from about US$300,000 in 1971 to over US$8 million in 2001. More recently, the flower industry has been going through major changes, and companies must continue to diversify and consolidate to remain competitive. Once again, American Flower has turned to LAAD to fund a transition to diversification so it can remain competitive.