Video: Expansion and Growth Capital – Legal Sea Foods

10.15.18

 

Legal Sea Foods’ CEO Roger Berkowitz and Prudential Capital’s Engin Okaya describe the partnership between the two companies.

Legal Sea Foods, based in Boston, is a fish company in the restaurant business. Legal Sea Foods began in 1950 as a fish market before branching into the restaurant industry in 1968. Today, Legal Sea Foods has restaurants along the Eastern Seaboard and provides seafood online and in retail stores.

In 2009, Legal Sea Foods sought growth capital to finance the construction and development of a flagship restaurant on the Boston Harbor, as well as financing to support a new airport restaurant and a business concept called the Legal C Bar. At the time, the recession was just starting to hit; however, CEO Roger Berkowitz was eager to follow through on these commitments and identify a financial partner that understood the growth opportunity for the company.

Legal Sea Foods had traditionally utilized banks to meet their financing needs, but the recession’s impact on the restaurant industry made banks an unlikely source of capital. Prudential Capital Group was eventually introduced to Legal Sea Foods by an industry contact and began discussions on how to serve as a financial partner. Prudential Capital’s relationship-focused approach to financing was a strong fit for Legal Sea Foods’ regional brand with its deep roots in the New England community.

 

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