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Wintrust Business Credit Closes $11MM ABL Line of Credit Supporting Acquisition of Premium Fresh Food Distributor

June 12, 2024, 07:52 AM
Filed Under: Food Distribution

Wintrust Business Credit (WBC) announced a line increase to $11,000,000 for their existing client. This line increase was used by the client to support the acquisition of a Minnesota-based distributer of premium fresh seafood. WBC’s existing client is a distributor of both fresh and frozen seafood to local grocery stores, while the acquisition target works primarily with restaurants. Once fully integrated, the acquisition will diversify the client’s customer base while broadening their product offerings. The WBC line increase was used to close the acquisition and will fund the company’s post-acquisition working capital needs.
According to Andy Hall, WBC’s National Portfolio Manager, “We believe that this acquisition will strengthen our client’s competitive position in the local market, as they continue to execute on their strategic growth plans.” WBC National Head of Originations Jason LeuVoy added, “Asset based lending is a great tool to finance M&A activity, and I couldn’t be happier with how our team was able to seamlessly execute this transaction for our client. I look forward to working on many other M&A deals as we continue to expand our ABL business into new markets.” 

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