Santander Bank announced that it served as left-lead agent in a $115 million senior-secured revolving line of credit facility to The Fishin’ Company, Inc., based in Pittsburgh, PA. The Company will use the financing to support its large and growing business providing premium frozen seafood products to some of the biggest U.S. retail and foodservice customers.
“Our knowledge of the industry, coupled with the capabilities of our asset-based lending and syndications teams demonstrate our ability to execute on large, complex transactions,” said Michael Richard, head of seafood lending at Santander. “The Fishin’ Company is a proven and well-respected leader in the global seafood industry and is poised for significant growth in the coming years.” He added, “This transaction is a testament to our commitment to the industry and our appetite to expand our seafood portfolio.”
The Fishin’ Company is a major U.S. importer and distributor of frozen seafood from across the world. It is one of the largest players in tilapia and salmon, and has created a substantial supply chain that delivers on the high expectations from its leading customers, including sustainability and quality requirements.
"Our ambitions to be the industry leader in seafood procurement, processing and distribution require a long term and global strategic finance partner that understands our business. Today we are happy to say we have found that in Santander and the seafood lending team,” said Manish Kumar, CEO of The Fishin’ Company. “The complexities of our business require a flexible financial structure and global capabilities that were made possible by this financing.”
With offices in Connecticut, Massachusetts, New Jersey, New York, and Pennsylvania, Santander’s asset-based lending group provides specialty structured financing for many types of businesses. The asset-based lending group, in concert with its syndications, cash management, and international banking teams, develops customized solutions to help companies leverage their working capital and fixed assets to support significant financing initiatives.