SANTANDER PROVIDES $38.5 MILLION SENIOR SECURED EQUIPMENT AND REVOLVING LINE OF CREDIT TO COLD CARRIERS

SANTANDER PROVIDES $38.5 MILLION SENIOR SECURED EQUIPMENT AND REVOLVING LINE OF CREDIT TO COLD CARRIERS

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Chamber Member News Post Date: 03/22/18 Source: Santander By: Santander
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Summary

Santander Bank today announced that it has closed a $38.5 million senior secured equipment and revolving line of credit with Cold Carriers, a refrigerated transportation company, to support its growing equipment and working capital needs.

“At Santander, we take a holistic, knowledge-based approach to understanding our customers’ unique needs and building a strong client relationship,” said Bob Rubino, Santander's co-president and head of Commercial Banking. “With our service capabilities and deep industry knowledge of the temperature controlled supply chain, we partner closely with every client to ensure we’re adding value by understanding their business and providing financing options tailored to their specific business goals and those of their customers.”

Ken Meister, CEO of Cold Carriers added, “We have experienced rapid growth since our formation in 2015 through both acquisitions and organically and needed a financing partner with the industry expertise and strength to continue to support our continued expansion. We found that partner in Santander and look forward to a long-term relationship. We recently added key senior management to our team and are now poised to pursue additional acquisitions in 2018.”

Cold Carriers provides full truckload temperature controlled transportation services with a combined fleet of 450 tractors and 700 refrigerated trailers to blue chip shippers nationwide. The Company focuses on supporting customers in the food, pharmaceutical and beverage supply chains through three locations in the southeast and western U.S. with expansion plans in the near future. In a given year, Cold Carriers handles over 55,000 shipments in the continental U.S. Read Full Article