Santander provides USD 30 million line of credit to Bonamar
Santander Bank has announced that its asset-based lending team has closed a USD 30 million (EUR 28.5 million) senior-secured revolving line of credit with Bonamar Corporation.
Bonamar, based in Medley, Florida, is an importer and processor of crabmeat and seafood products, and distributes its seafood to many major foodservice and retail grocery companies across the U.S. The company offers a variety of fresh, frozen and pasteurized formats through its popular brands, including the Sebastian label.
“Bonamar offers a robust product line and has a solid reputation in the industry, making it an attractive company to work with as it strengthens its position in the marketplace,” Michael Richard, head of seafood lending at Santander, said. “Our team’s extensive knowledge of the seafood industry sets us apart from our peers and allows us to build strong relationships with our clients where we can facilitate sophisticated financing solutions tailored to their specific business goals.”
Bonamar has offices in Connecticut, Massachusetts, New Jersey, New York, Pennsylvania, and Florida. Bonamar President and CEO Argenis Contreras said his company decided to do business with Santander based on its industry knowledge and expertise.
“[It] will bring significant benefits to our business,” Contreras said. “As we continue to grow, we need a financial partner to support that growth and development and we believe Santander is just that partner.”