Webster Bank Provides $7.5MM in Financing to Yankee Trader Seafood Ltd.

The $7.5MM refinance consolidated debt from multiple lenders and operating accounts, enhancing capital access, lowering costs, and saving six figures annually. The increased cash flow doubled working capital, fueling business growth. By consolidating operating accounts, Webster Bank introduced sophisticated treasury services to streamline cash flow and simplify day-to-day operations.

Based in Pembroke, Massachusetts, Yankee Trader Seafood is a family-run, woman-owned seafood company. Founded in 1994 by Gerry McAdams, the company specializes in frozen seafood dishes and considers itself an artisan producer, crafting high-quality, flavorful products ranging from baked seafood cakes to appetizers and quick meals. Made by skilled chefs, their products are easy to prepare and enjoy. Though rooted in New England, Yankee Trader Seafood distributes its products nationwide, including in stores like BJ’s.

“Webster Bank was referred to owner Stephanie Hernan by her financial consultant, knowing it was a complex transaction requiring a thorough understanding of the recent business history, operations, the industry, and strong expertise in SBA lending/refinancing,” Don Troppoil, SMD, Webster Bank Relationship Manager, stated. “It was a complex transaction with a lot of moving pieces, but after the initial meeting with Stephanie, it was clear how committed to the business she is, how well she understands it, and how good they are at what they do. From that point, I was committed to bringing all our talent and expertise to Yankee Trader Seafood, and I’m very proud of what we were able to deliver for her.”

Stephanie Hernan, owner of Yankee Trader Seafood expressed, “From the initial meeting and throughout the process it was clear that Don knew exactly what he needed to understand and how to communicate the Yankee Trader Seafood story to his credit partners and worked extremely hard to deliver us a far better financing package and day-to-day banking set-up, that saves us money we can put back into operations, and provided more working capital to leverage the full production potential of our facility. I couldn’t be happier.”