MVC Capital, a publicly traded business development company that makes private debt and equity investments, said Tuesday it is making an $8 million (€6 million) debt investment in Morey's Seafood International, a Minnesota-based manufacturer and distributor of seafood and specialty products to major grocers, and foodservice broadline distributors across the United States.
MVC's investment was part of a refinancing undertaken by Morey's to help fuel its growth, the company said.
Over the past decade, Morey's Seafood has transitioned from a regional niche manufacturer and distribution business into a nationally branded seafood company.
"Through a well-executed business plan, Morey's Seafood has reported strong financial results over the past few years and is anticipating further business expansion," said James O'Connor, managing director of The Tokarz Group Advisers, LLC, investment adviser to MVC Capital.
"This investment reflects a further step in executing against our yielding strategy by partnering with strong management teams in middle-market businesses that have niche market opportunities with favorable growth potential," said Michael...
