Umpqua Bank provided $47.6 million in senior secured credit facilities to Bay Ship & Yacht, a vessel maintenance and repair company in Northern California. The financing will be used for working capital, recapitalization and acquisition finance. Terms of the transaction, which closed December 15, 2017, were not disclosed.
“Bay Ship & Yacht plays a critical role in the health of our region’s maritime economy and is well known for setting a high bar of quality service to the commercial vessel community,” said Jim Higgins, Umpqua Bank senior vice president of Corporate Banking. “Umpqua evaluated Bay Ship & Yacht’s unique market position and was able to provide tailored financing solutions to support its growth strategy. We look forward to a strong, productive partnership.”
According to Alan Cameron, Bay Ship & Yacht’s general manager, “Bay Ship & Yacht is proud to be a leading West Coast construction and repair company for commercial, military and superyacht vessels. We see tremendous opportunity in the market, and this financing through Umpqua will help us achieve our long-term plans for growth.”
