Cape Point Bait Company, founded in 1996, is a wholesaler of locally and globally sourced frozen fish and shell fish bait that is used for recreational and commercial fishing, as well as zoos, aquariums and wildlife care centers. Cape Point Bait Company takes pride in their product, sourcing from large distributors that primarily sell for human consumption in order to ensure their product is of the highest quality. When you work with Cape Point Bait Company as a customer, you can expect to get a personal touch with each interaction. From the sales and delivery staff, the focus is on the customer!
Vipul Adlakha, current owner of Cape Point Bait Company, began his career in Engineering before becoming more involved with the business side. He has had over 15 years of experience as a CFO helping businesses grow and be successful. The companies he supported had revenues from $30 million and up. He was ready to take the knowledge and experience he gained and go out on his own!
After searching for the perfect company, Vipul and his operating partner found Cape Point Bait Company. After reviewing financials and speaking to the previous owner, they decided that this was the perfect opportunity. The business’s revenue had not only grown, but the business had room for improvement and the opportunity for continued growth.
Vipul’s operating partner quickly determined that that they would benefit from an SBA loan due to the size of the company and put him in contact with our experienced Business Development Officers. He was able to structure an SBA 7(a) loan that allowed them to purchase the business.
Vipul had this to say about his experience with the team at FNB Small Business Finance:
The process was exceptional! This was my first experience with FNB, and I could not be happier with the outcome. Throughout the process, my BDO kept me on track and things moving seamlessly. From before we started due diligence to the closing table,he was there for us. I would absolutely recommend the team at FNB Small Business Finance. My experience was great!
We are very excited to see where the future takes Vipul Adlakha, and we wish him success as his business continues to grow!
