The Fishin’ Company has secured a USD 115 million (EUR 102 million) line of credit from Santander Bank that will allow it to expand its growing seafood operations.
The Pittsburgh, Pennsylvania-based company provides premium frozen seafood products to U.S. retail and foodservice customers.
"Our ambitions to be the industry leader in seafood procurement, processing and distribution require a long-term and global strategic finance partner that understands our business. Today we are happy to say we have found that in Santander and the seafood lending team,” The Fishin’ Company CEO Manish Kumar said. “The complexities of our business require a flexible financial structure and global capabilities that were made possible by this financing.”
Santander Bank is the U.S. subsidiary of Spanish Banco Santander, one of the largest banks in the world as ranked by market capitalization. The credit line is senior-secured, meaning in the event the debt goes into receivership, the debt must be repaid before holders of junior debt receive any payment.
“Our knowledge of the industry, coupled with the capabilities of our asset-based lending and syndications teams demonstrate our ability to execute on large, complex transactions,” said Santander’s head of seafood lending Michael Richard. “The Fishin’ Company is a proven and well-respected leader in the global seafood industry and is poised for significant growth in the coming years.”
Richard said Santander is hoping to become a bigger player in seafood lending.
“This transaction is a testament to our commitment to the industry and our appetite to expand our seafood portfolio,” he said.
The Fishin’ Company has established itself as a major importer and distributor of frozen seafood, particularly of tilapia and salmon, and “has created a substantial supply chain that delivers on the high expectations from its leading customers, including sustainability and quality requirements,” according to a press release.
The line of credit may be used by The Fishin’ Company to continue its efforts to expand through acquisitions. In February, the company bought Maak Enterprises, a Canadian firm which had direct supply lines throughout Asia.
