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TD Bank, Santander, Others Provide Senior Financing in Blue Harvest Acquisition

March 21, 2016, 07:46 AM

Blue Harvest Fisheries announced the acquisition of seven Massachusetts-based scallop vessels and related shoreside assets from Harbor Blue Seafood, Inc. and related affiliates (“HBS” or “Harbor Blue”). Blue Harvest now owns 15 scallop vessels and operates shoreside facilities in Newport News, Virginia and New Bedford, Massachusetts. TD Bank, Santander, and Islandsbanki provided senior financing for the acquisition.

“Blue Harvest is now clearly positioned as an industry leader in terms of access to the highly valuable Atlantic sea scallop resource” said Jeff Davis, President and CEO of Blue Harvest. Davis continued by saying, “The acquisition of HBS and its related infrastructure in New Bedford, Massachusetts establishes a northern fleet and complements our existing Newport News, Virginia based fleet.”

“We are delighted to have assisted Blue Harvest on this transaction,” said Scott Perekslis, Managing Partner and co-founder of Bregal Partners. “This transaction is representative of our overall firm objectives; we like to align ourselves with proven executives and to help them accelerate the implementation of their strategic growth plans,” continued Mr. Perekslis.

Blue Harvest Fisheries is devoted to the sustainable harvesting, processing, and marketing of MSC certified premium Atlantic sea scallops and the sales of distribution of other premium seafood products.

Bregal Partners is a private investment firm that invests alongside management teams to build industry leading companies in the middle market. Areas of focus include energy services, consumer, food and retail, and healthcare. With $600 million of committed capital funded by a sixth-generation family foundation with roots back to 1841, Bregal Partners brings experience, stability, and a long-term outlook to all of its investment activities.

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