Wintrust Business Credit closed a new $7 million asset-based line of credit to support the acquisition of a Minnesota-based distributor of fresh and frozen seafood.
The company was recently spun out of a global food manufacturer and supplier that wanted to dedicate its resources to branded specialty seafood products and divest the distribution business. The line of credit was used to close the initial acquisition and will be used to fund the company’s ongoing working capital needs. In addition to the new line of credit, the Wintrust team is also providing treasury management products and services.
“We have been impressed with the new ownership team’s experience and knowledge of the industry and look forward to partnering with them for many years to come,” Andy Hall, national portfolio manager of Wintrust Business Credit, said.
“I couldn’t be happier with how our team was able to seamlessly execute this transaction and look forward to many others as we continue to expand our ABL business into new markets,” Jason LeuVoy, group senior vice president of Wintrust Business Credit, said.
