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Tailored Working Capital Facility for Leading Seafood Importer and Wholesaler

 

Situation:
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.

Solution:
Veritas agented a $35 million asset-based revolving credit facility, syndicated with IDB Bank®.

VERITAS Advantages:

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“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.”
— Roman Tkachenko, CEO of Direct Source Seafood

Result:
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. 

“I knew the company’s owners and was pleased Veritas could provide the certainty and tailored solution they needed to move forward.”
— Matthew T. Owings, Vice President, Veritas
“We were able to allow for significant accounts receivable concentrations for key customers, a higher reliance on inventory as a percentage of the loan, and advances against in-transit inventory as well as lending against inventory in cold storage warehouses across the U.S. These factors resulted in maximum working capital for Direct Source Seafood.”
— Tony Liobis, Vice Chairman & Chief Credit Officer, Veritas Financial Partners

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.

Evan Nadler
Senior Vice President
(312) 809-0757
enadler@vfpfinancial.com
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Mark Seigel
President
(561) 405-4008
mseigel@vfpfinancial.com
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David Bueno
Vice President
(215) 717-7259
dbueno@vfpfinancial.com
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Tony Liobis
Vice Chairman & Chief Credit Officer
(561) 405-4003
aliobis@vfpfinancial.com
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