Larchmont, New York, U.S.A.-based Blu Arctic and Herndon, Virginia, U.S.A.-based Republic Capital Access have partnered to form SeaFund, a financing solution for companies selling seafood to the U.S. government.
Blu Arctic is a seafood inventory finance company and Republic Capital Access is a specialty finance company for U.S. government contractors. Blu Arctic has been providing procurement financing services for seafood inventories for more than 15 years and holds Marine Stewardship Council and Aquaculture Stewardship Council chain of custody certifications. The company takes temporary ownership of seafood during the transportation and storage process.
“With seafood purchases by the U.S. government up 300 percent in the last eight years, Blu Arctic knew we needed to partner with a finance company with specialized knowledge of the intricacies associated with financing federal contractors,” Blu Arctic CEO Tom Leissl said in a press release. “Republic, a Department of Defense Trusted Capital Marketplace member, was the logical choice, as [it has] financed over 1,200 companies and 4,000 contracts in the last decade.”
Republic was founded in 2009 and purchased by Stephens Investment Holdings in 2011, and since has become one of the largest commercial finance companies exclusively for government contractors. The company offers receivable financing, unbilled financing, term loans, purchase-order financing, financial commitment letters, channel partner financing, joint venture financing, and equipment financing.
“We are honored to team with Blu Arctic,” Republic CEO Ed Stucky said. “Blu Arctic's expertise, flexibility, and stellar reputation are second to none. Blu Arctic shares our motto of ‘relationships over transactions,’ which is at the heart of all our business dealings.”
Photo courtesy of Blu Arctic
