Tailored Working Capital Facility for Leading Seafood Importer and Wholesaler
Direct Source Seafood, a major crab and shrimp importer and wholesaler, distributes product in retail-ready packaging to food service providers, restaurants, and retailers and sells bulk quantities to other distributors. They also manage private label shrimp programs for both large and medium size retailers and food service companies across the country. With their current lender exiting the asset-based lending market, they needed a lender who could tailor a solution to accommodate industry dynamics.
Veritas agented a $35 million asset-based revolving credit facility, syndicated with IDB Bank®.
Direct Seafood is well-positioned for continued success selling to one of the nation’s largest grocery companies and a multinational distributor of food products, as well as restaurants and retail locations throughout the U.S.
About Veritas Financial Partners
Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs, management teams and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.