Wintrust Business Credit (WBC) 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 WBC line 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 WBC team is also providing a full suite of Treasury Management products and services.

According to WBC’s National Portfolio Manager Andy Hall, “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.”

WBC Group Senior Vice President Jason LeuVoy added, “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.”