Daily News: June 15, 2018

Veritas Agents $35MM ABL for Direct Source Seafood


Veritas Financial Partners agented a $35 million asset-based revolving credit facility, syndicated with IDB Bank, for Direct Source Seafood.

Direct Source Seafood is a crab and shrimp importer and wholesaler which distributes product in retail-ready packaging to food service providers, restaurants and retailers, as well as bulk quantities to other distributors. Its current lender had exited the asset-based lending market, requiring a new lender to step in and tailor a solution to accommodate industry dynamics.

“Veritas executed within an extremely tight time frame to deliver exactly what they said they would. Often, lenders are unwilling to take the time to understand the nuances of our industry and therefore try to limit our ability to take advantage of attractive business opportunities. Veritas did the work and delivered the flexibility we needed,” said Roman Tkachenko, CEO of Direct Source Seafood.

Matthew T. Owings, vice president of Veritas, added, “I knew the company’s owners and was pleased Veritas could provide the certainty and tailored solution they needed to move forward.”

Veritas Financial Partners is a specialty finance firm that provides $2 million to $20 million senior secured credit solutions to businesses across various industries.