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First Capital Provides $4MM Asset-Based Credit Facility to QVD USA

June 13, 2013, 08:04 AM
Filed Under: Food Manufacturing

First Capital provided a $4 million asset-based lending facility to QVD USA, dba QVD Aquaculture, a sustainably raised seafood distributor.  The senior credit facility consists of a $4 million working capital revolver collateralized by accounts receivable and inventory. First Capital was selected as the working capital partner based on its ability to structure a financing solution that provided additional working capital for the company to achieve its growth strategy.

Chris McKernan, vice president and business development officer stated, “QVD Aquaculture has a great product that has been well-received in the market.  The management team has worked hard to create a growth plan and we are happy to be part of their financing strategy.”

“First Capital was able to create a financing package we were unable to find elsewhere offering a financing structure which supports our short and long term growth plans,” stated Chris December, President/CEO of QVD Aquaculture. “The team at First Capital really took the time to understand our business model and take into consideration our business and specific seasonal needs to create the package that will work best for us.”

This transaction was referred to Christopher McKernan in First Capital’s Seattle, Washington office and will be serviced by First Capital’s ABL Western Region located in Los Angeles, California and managed by Matthew Grimes. 

First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to lower-middle market and middle-market companies with annual sales ranging from $10 million to $250 million.

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