Will 2024 be a better year for seafood M&A deals? See what the experts have to say

This year is set to be a better year partly amid improved stock market sentiment, financial executives told IntraFish.

The seafood industry could see more mergers and acquisitions in 2024, although deals may be smaller and driven by the technology and artificial intelligence sectors, according to those in the M&A business.

There were fewer M&A deals last year, despite the fact the seafood sector did not suffer as significant a fall as several other sectors.

Ignacio Kleiman, managing partner at investment banking firm Antarctica Advisors, said he expects 2024 to be a better year amid improved sentiment towards the stock market and an expectation of easing interest rates.

“I think that the outlook is positive. Last year was a little slower because we were digesting higher interest rates and some volatility in Ukraine and all of that. But I think all of that has been digested already. Besides that, there was volatility in different sectors of seafood, in shrimp, in salmon, in snow crab still, and lobster. It was a pretty difficult year in general.”

In spite of this, a number of transactions did happen. An IntraFish analysis shows 77 acquisitions and investments were completed during 2023, down more than 7 percent from 2022’s 83, but 18.5 percent higher than the reported 65 deals during 2021.

Antarctica itself closed the sale of Seafresh to Oceana of Peru and the Continental Grain Company (Conti), Organizacion Cultiba SAB de CV (Cultiba), Equity Group Investments (EGI), and Castle Harlan investment in Mexico-based tuna rancher Baja Aqua Farms, in addition to a number of unreported private deals.

“There is more stuff popping up. I think people have an expectation that eventually interest rates are going to startcoming down, inflation is coming down, earnings and profitability is stabilizing,” Kleiman said.

“The understanding and the expectation is that we are on the other side of this curve, and earnings and the cost ofmoney is and will continue to stabilize. I think that is favorable winds for a pick up in M&A activity, ” Kleiman said.

Given the trend for seafood industry consolidation and the drive for companies to become more efficient, deals of all sizes in different sectors and countries are likely in his view.

“Last year, people were pretty focused on improving their operations, so they were inwardly focused. This year, we are going back to a more normal environment where people are also looking for acquisition opportunities to grow.”

John Doucette, executive vice president and head of commercial lending for US-based M&T Bank, said he expects M&A levels to be similar to those of 2023.

“There is certainly M&A activity that is out there. I think that trend is still going to continue. Values might come down a bit given the interest rates.”

In a difficult climate, banks want to see steady cash flow and, where possible, upswings in this metric before lending, the executive said.

“You are going to see more private equity or family office [involvement]. There are going to be some mergers where there is not going to be as much cash.”

Doucette expects to see lower deal valuations, especially in the US Northeast where the industry is more fragmented.

Interest rate reductions expected to begin in mid-2024 could also help propel the number of M&As in Doucette’sview. “That’s certainly going to make it easier to digest,” he said.

Tech and equipment are sexy

Seafood Corporate Advisors Partner Jorgen Horntvedt said seafood M&A in 2024 will be all about technology and equipment, with tech providers really relevant in terms of decreasing environmental footprints and collecting utilizing data to enable more informed real-time decisions and improving efficiency.

“Utilizing byproducts will provide further consolidation opportunities for larger ingredient companies. Overall, the ongoing consolidation across the equipment supplier segment is expected to continue,” Horntvedt said.

For Hakon Berg, CEO at Norway-based investment group Skeie Teknologi, there is likely to be a fair amount of M&A activity across the digital seafood space in 2024 because of a growing need for data and precise measuring.

There is a significant number of these companies in the space and many of them are looking for cash, and as they become more mature businesses they are becoming more attractive targets, he added.

The prognosis is less clear for Norwegian salmon farmers, who were hit last year with a new 25 percent tax, known as the ground rent tax, on their sea-based farming operations.

“In Norway, the aquaculture tax could lower M&A volumes due to market uncertainty, but the market could also see a heightened focus on consolidation amongst farmers,” Berg said.

“I think we could see a growth in trade sales of smaller farmers due to the tax situation in Norway and the overall economies of scale in the industry.”

SOURCE: The Wave

India’s Captain Fresh in $50m fundraise to complete deal for US shrimp importer

India’s Captain Fresh is in talks to raise a further $50m from investors as part of the financing for the planned acquisition of US shrimp importer CenSea

India’s Captain Fresh is in talks to raise a further $50 million from investors as part of the financing for the planned acquisition of US shrimp importer, with a deal for a European salmon processor set to follow later in the year, sources told Undercurrent News. As Tech Crunch reported the plans to raise the $50m, Undercurrent sources said the deal talks to buy $300mturnover US shrimp importer Central Seaway Co. (CenSea) are very advanced.

“It sounds like the deal [for CenSea] is close. I’d say weeks away,” one source, who asked not to be named, told Undercurrent. Two more sources with knowledge of the talks confirmed the situation. It’s likely the deal will close before Seafood Expo North America, which takes place in Boston, Massachusetts, March 10-12, they said. CenSea’s management team, led by Joe Rosenberg, Jeff Stern and Nate Torch, declined to comment to Undercurrent. Utham Gowda, CEO and founder of Captain Fresh, which has 80,000 metric tons of seafood going through its Indian platform, did not respond to a request for comment.

Executives with Antarctica Advisors, which is running the sale process for CenSea, also did not respond to a request for comment.

According to Tech Crunch, Captain Fresh is in the “advanced stages” of raising $50m from Nekkanti Sea Foods and venture capital firms SBI Investment, Evolvence, Tiger Global, and Prosus Ventures. Nekkanti, one of India’s largest shrimp processors, led an extended Series C fundraising with $6m, Startup Story reported in January.

The extended Series C is also mentioned by Tech Crunch, which reported it was $15m in total. Prior to the new $50m funding, Captain Fresh had raised over $100m and was valued at $500m in its previous round.

Nekkanti was one of Captain Fresh’s first investors. Captain Fresh CEO Gowda worked for Nekkanti from 2018-2019 as the shrimp processor looked at an initial public offering. He previously worked in banking.

EU salmon deal

Captain Fresh’s planned deal for Polish smoked and fresh salmon processor Koral, which is majority owned by private equity (PE) Abris Capital Partners, is still underway and expected to close later in the year. Koral is the remaining asset left in the PE-backed Graal group after the sale of the company’s canned fish and ready meal assets to German food giant Unternehmensgruppe Theo Muller earlier in 2023, a deal first reported by Undercurrent.

It’s thought this deal is on track, but the aim is to close later in the year.

The Koral plant, which produces fresh, smoked and marinated salmon and whitefish under brands like Super Fish as well as private label, is 22,000 square meters in size.

According to the Graal website, the plant in Kukinia, in the northeast of Poland, has 23 production lines for fresh, cold and hot smoked and marinated fish. The company can process 100t of raw material daily, with salmon and trout, halibut, seabass and tuna as its main species.

As well as smoked products, Koral can produce fresh fish in skin packs and modified atmosphere packaging. Over 500 are employed in the plant, the website states.

Antarctica Advisors is also running the sale process for Koral, having also worked on the sale of Graal’s canned fish and ready-meal assets to Muller.

Captain Fresh has hired Spanish executive Basola Valles to lead the European business as part of his expansion plan. Valles, who worked on Amazon’s European launch and has held top positions with other corporates, has since hired Luz Benitez Povedano as senior commercial director for the EU.

Povedano, who previously worked for France Telecom, Groupon, and JustEat Takeaway, joined the team in

 

SOURCE: Undercurrent News

India’s Captain Fresh in talks to buy EU salmon processor, US shrimp deal still in works

VG-funded Indian seafood player Captain Fresh is closing in on the acquisition of a European salmon processing plant while still negotiating a deal for a US shrimp importer, sources say.

Venture capital (VC) funded Indian seafood player Captain Fresh is closing in on the acquisition of a European salmon processing plant while still negotiating a deal for US shrimp importer Central Seaway Co. (CenSea), sources told Undercurrent News. Captain Fresh, valued at $500 million in a 2022 VC fundraising round, is in talks to buy Polish smoked and fresh salmon processor Koral, which is majority-owned by private equity (PE) Abris Capital Partners, sources said.

Koral is the remaining asset left in the PE-backed Graal group after the sale of the company’s canned fish and ready meal assets to German food giant Untemehmensgruppe Theo Muller earlier in 2023, a deal first reported by Undercurrent.

Wojciech Jezierski, senior partner with Abris, declined to comment to Undercurrent. Boguslaw Kowalski, the former CEO of Graal who exited at the point of sale to Muller, did not respond. The Koral plant, which produces fresh, smoked and marinated salmon and whitefish under brands like Super Fish as well as private label, is 22,000 square meters in size. According to the Graal website, the plant in Kukinia, in the northeast of Poland, has 23 production lines for fresh, cold and hot smoked and marinated fish. The company can process 100 metric tons of raw material daily, with salmon and trout, halibut, seabass, and tuna as its main species.

As well as smoked products, Koral can produce fresh fish in skin-packs and modified atmosphere packaging. Over 500 are employed in the plant, the website states. Utham Gowda, the CEO and founder of Captain Fresh, who discussed the company’s desire to expand in Europe and the US with Undercurrent earlier this year, declined to comment on the Koral talks.

Gowda has hired Spanish executive Basola Valles to lead the European business as part of his expansion plan. Valles, who worked on Amazon’s European launch and has held top positions with other corporates, did not respond to a request for comment. US-based boutique advisory firm Antarctica Advisors, which is running Koral’s sales process, declined to comment. Antarctica also ran the process for the other Graal assets to Muller. Antarctica is also running the sale process of US shrimp importer and frozen seafood supplier CenSea, which Undercurrent revealed Captain Fresh is also in discussion to buy. It’s understood these talks are continuing.

Executives with CenSea were not immediately available for comment.

Who is Captain Fresh?

Gowda’s Captain Fresh is one of several Asian companies seeking to bring technological advancement to the seafood sector, with another being Indonesia’s eFishery. In September, Captain Fresh announced a $20m capital boost as part of an ongoing funding round for global expansion. The investment was led by Japan-based SBI Investment and Evolvence Capital, with continued support from internal investors such as Accel, Matrix Partners India, Prosus Ventures and Tiger Global, among others, the company said at the time. With a particular focus on penetrating the European and US markets, the company is already engaged in discussions with potential allies there, it said.

“We stand at a transformative juncture in our aim to establish Captian Fresh on the global stage,” said Gowda in a statement from September.

“Over the past three years, we’ve built significant supply­side capacity by establishing a robust network connecting us directly to Indian coastal fishermen and farmers. This is in addition to developing deep partnerships with more than a dozen export-focused factories.”

He added: “Although we handle over 80,000t of seafood annually, it’s merely scratching the surface of our potential. Our platform is primed to optimize every investment dollar, especially in high-margin markets like Europe and the US.” Captain Fresh offers a diverse product range, encompassing over 100 varieties of fish and seafood, with a presence in more than 30 countries worldwide, the company said at the time.

The company has also been inking supply deals with plants in the rest of Asia after becoming its home country’s largest seafood factory operator, the company’s founder previously told Undercurrent.

He said that Captain Fresh has signed supply deals with plants in Indonesia, the Philippines, Sri Lanka, and Vietnam after growing its domestic footprint.

 

Source: Undercurrent News

 

Investors snap up Mexican bluefin tuna ranching giant Baja Aqua Farms

The investor group includes: Equity Group Investments, a firm founded by late US billionaire Sam Zell; CastleHarlan, another private equity; Mexican beverage bottler Organizacion Cultiba SAB de CV; and Continental GrainCompany from the agribusiness sector.

A group of prominent investors has acquired Baja Aqua Farms (BAF), one of the world’s leading vertically integrated bluefin tuna ranching companies.

The investor group is comprised of US private equity firm EquityGroup Investments, founded by the late US billionaire Sam Zell; Mexican beverage bottler Organizacion Cultiba SAB de CV; agribusiness company Continental Grain Company; and private equity firm Castle Harlan.

While full financial details were not disclosed, Cultiba contributed around $40 million for a minority stake in BAF, according to a transaction filing seen by Undercurrent News. As part of the deal, representatives from each investing company will join BAF’s board of directors.

Antarctica Advisors served as the exclusive sell-side advisor to BAF on the deal, led by Birgir Brynjolfsson.

In a statement, BAF CEO Manuel Vazquez said the consortium’s”combined operational expertise will be a major asset in driving the growth and expansion of our business going forward.”

BAF operates tuna ranching facilities in Mexico’s Baja California, from where it supplies sashimi-grade bluefin to high-end restaurants and retailers worldwide.

 

Source: Undercurrent News

Seafood M&As are changing – Here’s how

It’s not only the rate of M&A’s that has slowed in seafood but the shape and structure of deals too.

M&A deals in the seafood industry are being reshaped by current economic factors that are impacting both the rate of dealmaking and how deals are structured.

The rate of M&As in the seafood industry is expected to be hindered by the difficulties in raising financing, said John Doucette, executive vice president and head of commercial lending for US-based M&T Bank.

“I think it’s going to be at a lesser pace just given the cost of money now,” Doucette told IntraFish.

A recent IntraFish report forecasted the number of global seafood M&A’s this year is likely to fall short of 2022 levels.

While international companies have been showing interest in moving in on US acquisitions, particularly in the then-northeast corner of the United States where the seafood industry is more fragmented, Doucette said commercial interest rates play much more into executives’ thinking.

“It’s just tough with the prime rate at 8.5 percent, and although (the US Federal Reserve) didn’t raise it the other day they certainly didn’t give any indication that they are going to reduce rates anytime soon either. It’s going to rely on more self-financing too,”

Must have?

The higher cost of capital is also making buyers more cautious, leading to the postponement of deals considered less strategic, Ignacio Kleiman, managing partner at investment banking firm Antarctica Advisors said.

Acquisitions generally fall into two categories “must have” and “nice to have,” Kleiman said.

“If you are presented with a have-to-have transaction, you are going to find a way to do it. If you are presented with anice-to-have transaction, you may do it or you may decide to postpone it a bit.”

While there is still a good volume of M&A activity, in part helped by pent-up demand left over from the COVID-19 pandemic, deals that are going ahead are seeing a greater use of earnouts and seller financing arrangements.

Earnouts are a pricing structure in which the sellers must “earn” part of the purchase price based on the performance of the business following the acquisition.

Seller financing is an arrangement in which the seller handles the mortgage process instead of a financial institution. Instead of applying for a conventional bank mortgage, the buyer signs a mortgage with the seller.

“Transactions are getting done. I think that buyers are being a little bit more disciplined on how they put the transactions together and what transactions are getting done because the cost of capital is forcing them to pursue transactions that have a fairly higher level of synergies in order to recoup some of that more expensive capital that they are using,” said Kleiman, who spoke on the changing nature of the seafood industry at a recent seafood industry forum in New Bedford, Massachusetts.

The event, which drew 60 seafood business leaders, was organized by M&T Bank, which operates over 1,000 branches in 12 US states, and accounting firm Citrin Cooperman, with the support of investment banking group Antarctica Advisors.

The forum was targeted at key seafood players in the New Bedford and the wider New England community to exchange ideas on current events affecting the sector. It’s hoped the forum might become an annual or biannual event.

Be creative

Where previously companies may have worked with a commercial bank and ended up signing a single check to make an acquisition, these days buyers and sellers need to be a bit more creative in how a deal is structured.

Companies may opt not to sell all of their shares in the business, retaining a minority and rolling over some of their equity, exiting perhaps three to five years later.

“It requires a little bit more creativity with buyers, a little more flexibility on both the seller and the buyer side.”

“Today, more than ever, you need an investment banker to help those transactions happening,” Kleiman said.

The northeast corner of the United States with its proliferation of $100 million to $400 million (€93 million €372million) seafood companies is proving attractive to those on the lookout for acquisitions including overseas investors, offering them more manageable deal sizes and boosting the likelihood of consolidation, Kleiman said.

“In terms of international players, I think the Europeans are a little more aggressive than the Asians, that’s why you see more movement on the east coast,” Kleiman said.

On the West Coast there are few processors, and in the Alaska-Seattle corner of northwest United States companies are frequently very large or very small, with little in between, he noted.

Even in the most challenging times, deals can be done, however, said Kleiman.

Despite the difficulties presented by COVID lockdowns, Antarctic Advisors still managed to close its biggest-ever deal in January 2021 when Premium Brands Holdings and a coalition of Mi’kmaq First Nations completed the acquisition of Canadian shellfish harvesting and processing giant Clearwater Seafood.

For Premium Brands the acquisition was a must-have deal. “Everyone decided to chug along,” Kleiman said.

___

Source: Intrafish

LatAm’s seafood sector faces decreased investment amid political turmoil

The Latin American seafood industry is encountering a period of “unprecedented uncertainty” as political transitions in key nations create a challenging environment for businesses, Ignacio Kleiman, managing partner of AntarcticaAdvisors, a corporate finance boutique, told UndercurrentNews.

“Argentina, in the midst of ongoing elections and substantial economic changes, is battling uncertainty spurred by drastic shifts and devaluation,” he added.

“Chile, once celebrated for its stability, now grapples with political unrest due to proposed legal and regulatory changes, making it arduous for businesses to devise long-term investment strategies. Peru is dealing with the ongoing El Nino phenomenon, intensifying pressure on local companies,” he also said.

Meanwhile, Ecuador, “previously stable and operationally growing,” finds itself entangled in political turmoil and rising insecurity, with imminent elections looming.

“The consequence of this political upheaval has created a dilemma for companies equipped with strong financial capabilities. Faced with unpredictable local conditions, many businesses are turning their gaze abroad,” he also toldUndercurrent.

This way, companies from Chile, Peru, or Ecuador are now seriously considering establishing footholds in the US or Europe instead.

“This shift is anticipated to significantly decelerate domestic investments, marking a fundamental change in the industry landscape,” he shared.

Additionally, Kleiman’s observations underscore another trend, with major players showing reduced interest in the Latin American sector despite its vast potential.

“While sporadic large transactions do occur, these investments represent only a fraction of the industry. They serve more as strategic maneuvers than substantial involvements,” he concluded.

 

Antarctica Advisors: ‘Perfect storm’ makes more seafood consolidation inevitable

The corporate finance boutique’s Ignacio Kleiman said further consolidation is coming due to rising inflation and interest rates resulting in decreased consumption and increasing costs.

VIGO, Spain — With soaring inflation and higher interest rates, this food industry finds itself at a crossroads. In this turbulent market scenario, consumption in Europe, the US and other parts of the world has decreased while costs for producers and processors are climbing.

This “perfect storm” poses significant challenges to seafood businesses worldwide, potentially catalyzing a wave of consolidation within the industry; Ignacio Kleiman, managing partner of corporate finance boutique Antarctica Advisors, told Undercurrent News further consolidation was “inevitable.”

He explained that this consolidation arises from two key factors: the pressing need for companies to recapitalize due to excessive debt and the imperative to protect profit margins.

At the Conxemar seafood show, industry sources spoke about companies — either owned by private equity funds or family-owned –exploring the possibility of a sale.

Kleiman noted that companies that bought goods or services in dollars and sold them in euros faced increased costs that could significantly impact their expenses, making it difficult to pass inflated costs to customers in euros. He said this dilemma arises because the competitive economic landscape often restricts a company’s ability to raise prices without risking profitability.

“Companies burdened by high levels of debt are left with little choice but to seek capitalization, and others must consolidate to safeguard their profitability,” he told Undercurrent on the side of the Conxemarseafood exhibition last week.

Kleiman, who is based in Miami, US, stressed the impact of the high cost of capital in today’s financial landscape. He noted that the cost of money is currently elevated, leading to a shift in investment strategies among major players in the industry.

Unlike when “cheap money” has prompted spending, the present environment necessitates a “more selective” approach to investments. Kleiman believes that companies will carefully evaluate where they allocate their funds, considering the expensive nature of capital.

that thrived due to the availability of cheap capital. Thus, some have built significant inventories and engaged in distribution and trading but face higher costs in today’s financial climate.

Antarctica Advisors, based in Miami, plans to open an office in Europe soon to support clients in the region better. The boutique firm advised Peru’s Oceano Corp. earlier this year in the purchase of Sea FreshUSA.

Before the summer, talks for the purchase of seafood group NuevaPescanova by Canadian giant Cooke were put on hold due to the financial pressure experienced by the Spanish company. On Sept. 6, Pescanova formally communicated its intention to initiate a redundancy plan, known in Spain as Expediente de Regulacion deEmpleo, for as many as 100 staff. In 2022, the harder market situation encountered by the Spanish firm also halted the negotiations the group had previously held for the purchase of Argentinian fishing company Pesquera Veraz. Talks for a deal are yet to resume, although Cooke remains interested.

Meanwhile, Spain’s Grupo Iberica de Congelados (Iberconsa), owned by US fund Platinum Equity since March 2019, is soon to launch a refinancing plan for its considerable debt pile. Iberconsa was previously linked to Pescanova earlier in the process.

Atunlo, another prominent player in the Spanish tuna industry, has also reported a significant decline in sales during the last quarter, which has led to a cash flow issue the company aims to resolve in the coming weeks.

Another of Spain’s largest seafood processors, Fandicosta, has recently also been hit by cash flow issues. Its owner and president, AngelMartinez Varela, said he would be selling his firm to resolve those issues but then reportedly changed his plans for the sale and is looking for financial support from the Galician board (Xunta de Galicia) and banks.

Latin America

Kleiman told Undercurrent the Latin American seafood industry is encountering a period of “unprecedented uncertainty” as political transitions in key nations create a challenging environment for businesses.

“Argentina, amid ongoing elections and substantial economic changes, is battling uncertainty spurred by drastic shifts and devaluation,” he observed.

“Chile, once celebrated for its stability, now grapples with political unrest due to proposed legal and regulatory changes, making it arduous for businesses to devise long-term investment strategies. Peru is dealing with the ongoing El Nino phenomenon, intensifying pressure on local companies,” he also said.

Meanwhile, “previously stable and operationally growing” Ecuador is entangled in political turmoil and rising insecurity, with imminent elections looming.

“The consequence of this political upheaval has created a dilemma for companies with strong financial capabilities. Faced with unpredictable local conditions, many businesses are turning their gaze abroad,” he told Undercurrent.

Thus, companies from Chile, Peru, or Ecuador are now seriously considering establishing footholds in the US or Europe.

“This shift is anticipated to significantly decelerate domestic investments, marking a fundamental change in the industry landscape, “he shared.

Kleiman’s observations also underscored another trend, with significant players showing reduced interest in the Latin American sector despite its vast potential.

“While sporadic large transactions occur, these investments representonly a fraction of the industry. They serve more as strategic maneuversthan substantial involvements,” he concluded.

He foresees an acceleration of consolidation within the seafood industry. While the cost of capital may restrict some investment activities, it also presents opportunities for those seeking strategic acquisitions or partnerships.

 

Source: Undercurrent News

Antarctica Advisors Acts as Exclusive Investment Banking Advisor to Sea Fresh USA in its 100% Sale to Oceano Seafood

September 26, 2023 – Antarctica Advisors LLC, the leading Seafood Industry-focused M&A advisory firm, acted as the exclusive investment banking advisor to Sea Fresh USA (“Sea Fresh”), one of the largest processors of fresh, premium-quality, wild-caught Loligo Squid in the U.S., in its sale to Oceano Seafood (“Oceano”), an international fishing and processing conglomerate from Lima, Peru.

Founded in 1981, Sea Fresh USA is a fully integrated seafood business with fishing, unloading, processing & packing operations. Sea Fresh has docking operations in Galilee, RI (Handrigan Seafoods) and a BRC-certified processing facility in North Kingstown, RI. The company is well known for its fresh and frozen Squid products distributed through retail and food service.

James Fox, Owner of Sea Fresh, commented: “Oceano has been a customer of ours for several years and we are excited to be their first acquisition in the U.S. market. We are thankful to have worked with the Antarctica Advisors team who played a key role in helping us navigate this complex transaction process. Their senior banker M&A advice was critical to the structuring and negotiating the best possible transaction for me and my employees.”

Ignacio Tirado, President of Oceano Seafoods, shared: “It is an honor to continue Jim Fox’s legacy and to join the company’s experienced management. We aim to continue investing and growing the business in the U.S. and integrate it our global sourcing capabilities into it.”

Ignacio Kleiman, Managing Partner of Antarctica Advisors, pointed out: “Sea Fresh provides Oceano direct access to the U.S. market with a brand recognized for its high-quality fresh Squid products. We very much appreciated the opportunity to have worked with Sea Fresh’s team and look forward to watching the company’s continued growth.”

For Oceano, the acquisition of Sea Fresh expands its international footprint while deepening its supplier network and presents numerous synergies facilitating growth including diversifying its product offerings with access to the U.S. market.

Antarctica Advisors is the leading US-based, independent investment banking firm providing corporate clients in the global Seafood Industry with specialized M&A advisory, private equity and debt capital raising services. The firm’s highly specialized Seafood Team is comprised of professionals with significant knowledge of the Seafood Industry, as well as a proven track record of successful transaction execution.

Antarctica Advisors LLC is a licensed broker-dealer, member of FINRA and SIPC.

For further information contact Ignacio Kleiman, Antarctica Advisors LLC at:
IKleiman@AntarcticaLLC.com or visit www.AntarcticaLLC.com

$400m Peruvian group snaps up US squid supplier

A Peruvian seafood group with an annual turnover of more than $400m has inked a deal for one of the major players in the US squid sector
A Peruvian seafood group with an annual turnover of more than $400 million has acquired one of the most prominent players in the US squid sector, sources told Undercurrent News. Peru’s Oceano Corp., which snapped up Spanish cephalopod supplier Pesfasa from bankruptcy earlier this year, has acquired Rhode Island-based Sea Fresh U.S.A., sources said.

Sea Fresh owns and operates its vessels and an unloading dock in Galilee, a fishing village on Point Judith within the town of Narragansett, on the southern end of the state. It also owns a British Retail Consortium-approved processing plant in nearby North Kingstown, according to the company website.

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Antarctica Advisors Acts as Exclusive Investment Banking Advisor to Boston Sword & Tuna in its 100% Sale to Fortune International, LLC

June 13, 2023Antarctica Advisors LLC, the leading Seafood Industry-focused M&A advisory firm, acted as the exclusive investment banking advisor to Boston Sword & Tuna, Inc. (“Boston Sword”), one of the largest distributors of fresh, premium-quality, wild-caught and farm raised seafood in North America, in its sale to Fortune International, LLC (“Fortune”), one of the largest seafood and specialty food distributors in the United States.

Based in the heart of Boston’s Seaport District, Boston Sword was established in 2003 by the Scola Family.  Michael Scola, CEO of Boston Sword, will continue to run the company along with Co-Owner and President Larry Dore.  With the backing of Fortune and capacity added through a recent 9,000 sq. ft. expansion of its processing plant, Boston Sword will take its already sizable skin-pack business national and significantly grow its other lines of business.

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