Porter Capital has closed a $10 million non-notification factoring facility for a family-owned seafood importer and processor, replacing a departing bank lender and providing working capital to support a new national retail customer.
The unnamed company has operated for more than two decades.
Porter’s facility advances 90% against eligible accounts receivable and 85% against the net orderly liquidation value of inventory.
An initial $6.5 million was funded at closing, replacing the company’s previous bank financing and adding working capital.
The seafood processor had previously operated with a $20 million bank facility split evenly between real estate debt and accounts receivable financing.
Following a period of losses, its longtime bank decided not to continue the relationship while the company’s owners were also considering a potential sale.
At the same time, a major national retailer was preparing to add the company as a supplier, creating an immediate need for financing to purchase additional inventory.
Porter underwrote the company’s receivables and inventory rather than relying primarily on recent financial performance.
It also coordinated with the lender retaining the real estate portion of the capital structure through an intercreditor agreement.
Because the factoring facility is non-notification, customers continue making payments normally without visibility into the financing arrangement.
Following the refinancing, the processor stabilized supplier relationships, onboarded the new national retailer and introduced additional products.
Outstanding utilization has since increased from the initial $6.5 million advance to $8 million.
The company returned to profitability in June 2026.
The borrower considered five other financing firms before selecting Porter Capital, whose team conducted an on-site evaluation before structuring the transaction.
