Wintrust Business Credit Announces the Closing of a New $7 Million ABL Line of Credit To Support Acquisition of Leading Seafood Distributor
September 19, 2023
Source: Wintrust Business Credit (WBC)
Wintrust Business Credit (WBC) is happy to announce the closing of 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.”
About Wintrust
Wintrust is a financial holding company with assets of approximately $53 billion whose common stock is traded on the Nasdaq Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 170 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.
For More Information Please Contact:
Jason LeuVoy
312-550-3056
jleuvoy@wintrust.com
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.”
About Wintrust
Wintrust is a financial holding company with assets of approximately $53 billion whose common stock is traded on the Nasdaq Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 170 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.
For More Information Please Contact:
Jason LeuVoy
312-550-3056
jleuvoy@wintrust.com
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