Umpqua Bank Provides $47.6 Million of Senior Secured Credit Facilities to Bay Ship & Yacht Co.
- Bay Ship & Yacht Co., is one of the largest vessel maintenance and repair companies on the West Coast
- Credit facilities will be used for working capital, recapitalization and acquisition
Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ) has provided $47.6 million in senior secured credit facilities to Bay Ship & Yacht Co., the largest vessel maintenance and repair company in Northern California. The financing will be used for working capital, recapitalization and acquisition finance. Terms of the transaction, which closed December 15, 2017, were not disclosed.
“Bay Ship & Yacht plays a critical role in the health of our region’s maritime economy and is well known for setting a high bar of quality service to the commercial vessel community,” said Jim Higgins, Umpqua Bank Senior Vice President of Corporate Banking. “Umpqua evaluated Bay Ship & Yacht’s unique market position and was able to provide tailored financing solutions to support its growth strategy. We look forward to a strong, productive partnership.”
According to Alan Cameron, Bay Ship & Yacht’s General Manager, “Bay Ship & Yacht is proud to be a leading West Coast construction and repair company for commercial, military and super yacht vessels. We see tremendous opportunity in the market, and this financing through Umpqua will help us achieve our long-term plans for growth.”
About Bay Ship & Yacht Co.
Bay Ship & Yacht was founded in 1977 by Bill Elliott with a primary focus on the construction and repair of wooden ships. Bill traveled the country with his crew, instilling in them a deep respect for the sea and a passion for achieving the level of quality that ocean travel demands. That passion endured as the company made the transition to repair and conversion of commercial and military vessels and superyachts. Today, the passion for quality anchors its mission to deliver absolute customer satisfaction. Bay Ship & Yacht's commitment to quality construction and repair is widely recognized throughout the commercial vessel community. That reputation is well-known to experienced owners who have made Bay Ship & Yacht their company of choice, and who recognize that the Bay Ship & Yacht experience has set the standard for others to follow.
About Umpqua Bank
Umpqua Bank, headquartered in Roseburg, Oregon, is a subsidiary of Umpqua Holdings Corporation, and has locations across Idaho, Washington, Oregon, California and Nevada. Umpqua Bank has been recognized for its innovative customer experience and banking strategy by national publications including The Wall Street Journal, The New York Times, BusinessWeek, Fast Company and CNBC. The company has been recognized for eight years in a row on FORTUNE magazine's list of the country's "100 Best Companies to Work For," and was recently named by The Portland Business Journal the Most Admired Financial Services Company in Oregon for the fourteenth consecutive year. In addition to its retail banking presence, Umpqua Bank owns Financial Pacific Leasing, Inc., a nationally recognized commercial finance company that provides equipment leases to small businesses.
Umpqua Holdings also owns a retail brokerage subsidiary, Umpqua Investments, Inc., which offers services through Umpqua Bank stores and in dedicated offices throughout Idaho, Washington, Oregon, California and Nevada. Umpqua's Wealth Management Division serves high net worth individuals and nonprofits by providing customized financial solutions and offerings. Umpqua Holdings Corporation is headquartered in Portland, Ore. For more information, visit https://www.umpquabank.com/newsroom.