Antarctica Advisors Acts as Exclusive Investment Banking Advisor to United States Seafoods in its Balance Sheet Restructuring

Antarctica Advisors LLC, the leading Seafood Industry-focused investment banking advisory firm, acted as the exclusive advisor to the well-established Alaskan multispecies groundfish fishing and processing company USS Group, L.P. who together with its affiliates does business as United States Seafoods (“U.S. Seafoods”).
Based in Seattle, WA, U.S. Seafoods was established in 1998 and has since grown into a premier multispecies harvester and producer of Alaskan groundfish. With access to over 100,000 metric tons of available quota rights, U.S. Seafoods holds one of the largest portfolios of multi-species groundfish trawl permits in the Alaskan fishery. Having endured a perfect storm of events — including the 2019 U.S.–China tariffs, the COVID-19 pandemic, and subsequent labor market challenges — the company engaged Antarctica Advisors to assist with the restructuring of its balance-sheet in order to boost cash flow and enhance flexibility. Antarctica Advisors worked to articulate management’s turnaround plan through detailed financial modeling and then engaged the capital markets in discussions centered around the significant value of the company’s assets, resulting in a long-term refinancing solution.

Matthew Doherty, President and Chief Executive Officer of U.S. Seafoods commented: “The refinancing strengthened our balance sheet with long-term debt that provides us the ability to reinvest a greater portion of our cash flow into our operational capabilities. Antarctica Advisors played a key role in helping potential investors and lenders to understand the considerable asset value of our fishing quota and fleet which was key to securing the refinancing.”

C.J. Arrigo, Director at Antarctica Advisors, commented: “U.S. Seafood’s position in the multi-species groundfish sector is unique in that it fishes in a wide variety of the regulated Alaskan fisheries. Its sizable quota portfolio is valuable in that it provided operational flexibility beyond many of its peers. Articulating this story to the market helped open a new chapter for this storied company and keeps it independently owned, by the fishermen who founded it.”

U.S. Seafoods operates an integrated trawl vessel fleet that includes 2 catcher processor vessels, and 4 catcher vessels, representing the largest limited access catcher vessel fleet in the Bering Sea and Aleutian Islands. Antarctica Advisors is the leading U.S.-based, independent investment banking firm providing corporate clients in the global Seafood Industry with specialized M&A, strategic advisory, and capital raising services. The firm’s highly specialized Seafood Team is comprised of professionals with significant knowledge across the Seafood Industry, as well
as a proven track record of successful transaction execution.

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

For further information contact Charles Arrigo, Antarctica Advisors LLC, Carrigo@antarcticallc.com or visit www.AntarcticaLLC.com

Antarctica Advisors Acts as Exclusive Investment Banking Advisor to Baja Marine Foods in its 100% Sale to Baja Aqua Farms

September 12, 2025 – Antarctica Advisors LLC, the leading Seafood Industry-focused M&A advisory firm, acted as the exclusive investment banking advisor to Baja Marine Foods, a leading producer of pelagic fish from the Eastern Pacific Ocean, to Baja Aqua Farms, the largest producer of Bluefin Tuna in North America.

Baja Marine Foods is engaged in fishing, processing, and commercialization of pelagic fish for human consumption and the pet food industry, operating its own fleet of vessels.  In 2022, the company made a significant investment to diversify into fishmeal and fish oil production.

Baja Aqua Farms is the largest producer of Bluefin Tuna in North America.  In 2023, Baja Aqua Farms was acquired by an investment consortium comprised of Continental Grain Company, Equity Group Investments, Castle Harlan, and Mexico’s Organizacion Cultiba, in a transaction where Antarctica Advisors acted as the M&A advisor to the sellers.

Joe Hamby, CEO of Inter Oceanic Holdings, commented: “This transaction is highly strategic and presents an opportunity for the further growth of Baja Marine Foods.  We are thankful to the Antarctica Advisors team who played an instrumental role in helping us navigate through this complex transaction”

Birgir Brynjolfsson, Partner of Antarctica Advisors, commented: “Baja Marine Foods has developed to become a world-class vertically integrated pelagic fishing company and provides Baja Aqua Farms with direct access to the important pelagic resource in the Eastern Pacific Ocean. We appreciate the opportunity to have been trusted to work with the shareholders of Baja Marine Foods in this transaction and look forward to watching the company continue to grow under new ownership.”

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. Our firm’s highly specialized Seafood Team is comprised of professionals with significant knowledge of the Seafood Industry, the widest contact network in the sector, as well as a proven track record of successful transaction execution and closing.

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

For further information visit www.AntarcticaLLC.com

No one wants to stay small: Seafood firms areracing to consolidate and that’s driving M&A

Global seafood consolidation is accelerating, fueled by cash-rich buyers, private equity, technology adoption and resilient demand.

Seafood M&A activity is expected to remain robust in the coming months, following a strong performance in the first half of 2025, according to investment experts who spoke with IntraFish.

According to an IntraFish tally, a total of 34 deals have closed so far this year.

The volume of deal activity is driven by companies needing to adapt to a range of evolving factors, including resource access, regulatory shifts, technological advances, geopolitical dynamics and sustainability challenges, Jon Gardar Gudmundsson, a partner at MAR Advisors, told IntraFish.

“The mega trends in the industry are the same as always, and those support consolidation. The industry is still fragmented, with high volatility of fishing volumes and prices, supported by high demand,” he said.

Ignacio Kleiman, managing partner at investment banking firm Antarctica Advisors, said that despite concerns earlier in the year about tariffs potentially slowing deals, the market has remained resilient across the global supply chain.

“To be frank, my expectations during the first half of the year were that things were going to slow down a bit, but that has not been the case.”

Some producers absorbed a portion of tariff costs, while distributors passed onhigher prices to consumers, helping maintain margins, Kleiman noted.

“The industry has been pretty nimble in trying to find ways to minimize theimpact of the tariff. It all depends where in the value chain you are,” he said.

“Strategic players have been doing very well,” Kleiman added. “They are cash-richor have been reducing debt aggressively. Private equity is definitely cash-rich. Banks continue to lend and support the M&A activity actively. So I’m happy to saythat things are good.”

Different subsectors can have different drivers for M&A, depending on where inthe value chain a company sits, Gudmundsson said.

Overall, the seafood industry does benefit from economies of scale, “and I don’tsee many companies that want to remain small with a niche focus,” he added.

Regional factors create challenges, as well as opportunities.

In Iceland, for example, time will tell whether its recent legislation on increasedfisheries fees could lead to further M&A. In Norway, it remains to be seewhether management teams wait or push ahead with M&A ahead of the generalelection this autumn.

So far, this year has seen quite a lot of activity on the M&A side and this willintensify once pending new regulations in Norway and elsewhere really comeinto play and become effective, Norway-based Seafood Corporate Advisorspartner Jorgen Horntvedt said.

Norway is expected to remain a hub for everything in aquaculture, includingdeals. Norwegian players can, however, put value both inside and outside ofNorway.

The pending general election in Norway this autumn could result in lower taxeswith a surge in investments as a potential effect if the Conservative side gets amajority, which then could put capital “into productive use.” Horntvedt said.

Horntvedt cautioned that deals will not continue to increase at their current paceif the low salmon prices remain. “People and companies need to make money topay for deals.”

Further deals in the feed space, for example, will likely hinge on Mowi’s sale of itsfeed business and the potential valuation of it if divested.

A sale or no sale of the Mowi division, could come with a bit of soul searchingfrom feed and other seafood companies on how to improve their businessmodels, increase efficiencies, and consider upsrteam and downstream inclusionsvia acquisitions.

Technology is a driver

The technology space is also likely to see high deal activity going forward, partlyas new technologies are creating competitive advantages and companies need tobe able to invest to stay in the game.

“This drives M&A,” Gudmundsson said.

Horntvedt also anticipates the tech sector will drive deals.

“It goes without saying that a technology shift will eventually happen on allaspects that monitor fish. Deep tech companies will increasingly be targeted byinvestors, including from VC firms up to industry buyers,” Horntvedt said.

Despite potential hiccups and macro-economic uncertainty, activity for theremainder of the year will likely remain high, Gudmundsson said.

“The current global uncertainty can also create opportunities.”

“We always need to be on our toes in this industry. One part of this is toconstantly look for opportunities to acquire, merge or sell off assets,” Gudmundsson said.

Big deals so far

The seafood M&A year kicked off with a bang when Mowi announced it wouldpay NOK 7.4 billion (€629 million/$655 million) to gain control of fellowNorwegian producer Nova Sea in a deal that would boost its global productioncapacity by around 10 percent.

That same month, Indian supply chain platform Captain Fresh completed theacquisition of Polish smoked salmon processor Koral.

In another standout deal, US-based Silver Bay Seafoods took a stake in Alaskarival OBI Seafoods, securing control over a major volume of the state’s wildsalmon harvest.

 

SOURCE: IntraFish

Antarctica Advisors acted as the exclusive investment banking advisor to The Town Dock

March 17, 2025 – Antarctica Advisors LLC, the leading Seafood Industry-focused M&A advisory firm, acted as the exclusive investment banking advisor to The Town Dock (“The Town Dock”), one of the leading harvesters, processors and distributors of premium-quality, U.S. Squid, in its 100% sale to American Food Partners (“AFP”), a growing Seafood player in the U.S..

Founded in 1980, The Town Dock is a fully integrated seafood business with fishing, unloading, processing & packing operations. The Town Dock has docking operations in Port Judith, RI and BRC-certified processing facilities in Narragansett and Johnston, RI. The company is well known for its high-quality, fresh and frozen Squid products distributed through retail and foodservice.

Ryan Clark, President of The Town Dock, commented:

“We are grateful to have worked with Antarctica Advisors. The team quickly understood my family’s business and exactly what we were looking for in a buyer. Their Seafood industry knowledge and advice were critical to putting together and negotiating the best possible transaction.”

Ignacio Tirado, Principal of American Food Partners, shared:

“It is an honor to continue Noah and Ryan Clark’s life work and be part of the company’s next development phase. We aim to continue investing and growing the business in the U.S. and to integrate our global sourcing capabilities into it.”

Ignacio Kleiman, Managing Partner of Antarctica Advisors, pointed out:

“Town Dock expands AFP’s direct access to the U.S. market with a brand recognized for its high-quality Squid products. We very much appreciated the opportunity to have worked with Town Dock’s team and look forward to watching the company’s continued growth.”

 

About Antarctica Advisors LLC

Antarctica Advisors LLC is an independent strategic and financial advisory firm formed by a group of seasoned investment banking professionals with expertise in M&A advisory and private equity and debt capital raising. Antarctica’s headquarters are strategically located in Miami, FL providing close connection to its corporate clients in the Americas, Europe and Asia.

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

For further information on Antarctica Advisors LLC please go to www.AntarcticaLLC.com

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How will seafood M&A pan out in 2025? Leading investment advisors offer their views

More than 75 seafood mergers and acquisitions were reported last year by IntraFish.

Top investment advisors in the seafood sector are optimistic about a rise in M&A activity in 2025 following a strong 2024.

More than 75 seafood mergers and acquisitions were reported last year by IntraFish, from strategic investments and acquisitions of significant minority stakes to full-blown, billion-dollar takeovers.

Jorgen Horntvedt, partner at Seafood Corporate Advisors, a Norway-based Seafood M&A and strategy firm, expects 2025 to be a busy year for M&A in the seafood space, in part because the underlying market for closing deals is good, he said.

Stock markets and debt markets are currently strong, aspects which lead companies to want to strengthen their operations and scale via M&A, he said.

Sectors likely to experience M&A activity in the coming year include tech-related companies, with buyers in this space typically being venture capital firms, private equity firms and family offices

“The tech sector will continue to grow as salmon farmers continue to benefit from tech advancements,” Horntvedt said.

Feed ingredients, which are strategically important for the industry as a whole, are expected to drive many smaller transactions to scale, he said.

There could also be significant deals between salmon farmers during the year, as these groups want to take advantage of economies of scale, Horntvedt said. Processors also benefit from scale and deals could be seen between them.

Smaller bolt-on deals will also feature high during the year, and M&A here could include salmon farmers looking for companies downstream and those that can supply raw material.

Uncertain times

However, while global stock markets generally are strong, times are currently also unpredictable.

“The seafood sector is resilient and generally does well when markets are more uncertain,” Horntvedt said.

From a US perspective, the improved outlook comes after a strong year of gains in the investment market and with presidential elections now done and dusted, Ignacio Kleiman, managing partner at investment banking firm Antarctica Advisors.

Kleiman said 2024 was a good year for his firm. Since the end of 2023, among others, Antarctica Advisors has advised on Indian supply chain platform Captain Fresh’s acquisition of Polish smoked salmon processor Koral, German food giant Unternehmensgruppe and Theo Muller (UTM)’s move to acquire Polish seafood company Graal Group.

One potential stumbling block, particularly in the United States, Kleiman said, could be the imposition of tariffs by the second Trump administration.

“With regards to the seafood industry, I think one of the questions in the United States, in general, is whether the industry is going to be hit by tariffs,” Kleiman told IntraFish.

Donald Trump, who won November’s US presidential election by defeating Democratic Vice President Kamala Harris, has threatened to impose tariffs of at least 60 percent on Chinese goods, as well as 10 to 20 percent on products from other countries.

Such a move would be unlikely to find much support among US industrial seafood buyers and household consumers, who end up footing the bill.

“It must be remembered that 90 percent or so of fish consumption in the United States is imported,” Kleiman said.

While Kleiman said it is currently unclear how the tariff situation will play out, he thinks that if the economy continues as expected and interest rates continue to fall this will help reduce companies’ financial costs and also make M transactions more attractive.

The investment expert said the cost-inefficient seafood industry characterized by many mid-sized and small players would benefit from consolidation between competitors.

“If you manage to control your costs better and maybe even reduce your prices, then the food is a much more competitive protein and that is going to be good for the sector in general, for the industry in general,” Kleiman said.

A great mix of transactions in 2024 showed opportunities in different places and sectors in the fish economy, he noted.

“I think this year I would expect more consolidation in processing and distribution,” he said.

Looking at the wider picture, leading investment firms Barclays, Boston, Morg Stanley and KPMG are largely upbeat about prospects for a revival in mergers and acquisitions in their outlooks, thanks in part to what they expect will be falling interest rates and a more relaxed regulatory climate.

 

SOURCE: IntraFish

 

Seafood M&As are picking up speed. Here are the top deals so far this year

Global economic upheaval has not put a dampener on seafood industry consolidation this year.

The seafood processing, aquaculture, fisheries and aquatech sectors have shown a surprising amount of merger and acquisition (M&A) activity so far in 2024, reflecting both investor enthusiasm and the ongoing need for consolidation.

Deals slowed in 2023 from the year prior. An IntraFish tally showed 77 acquisitions, mergers and significant investment stakes in 2023 — a 7 percent decline over 2022. However, based on the pace so far in 2024, it is conceivable that this year will reach that level, if not higher.

IntraFish on reported over 60 mergers, acquisitions or substantial stake sales through the first nine months of the year.

Ignacio Kleiman, principal at Antarctica Advisors, a boutique seafood advisory group, told IntraFish that this year shows the appetite for some industry players to continue much-needed consolidation on the processing and distribution side in particular.

“It’s been a year of consolidation,” he said. “It’s been a year with larger deals that were more prominent, as opposed to a whole bunch of small deals last year.”

Kleiman noted that some of the larger players with “more imagination” took advantage of supply chain inefficiencies. Japanese giants were among the deal-makers this year, as were Canadian group Cooke, Norwegian firms SalMar, Nergard and Pelagia, and biopharma behemoth MSD.

Kleiman said the recent rate cut by the US Federal Reserve, though it may not have an immediate impact, is building confidence among owners that may have been reluctant to start discussions.

The fourth quarter is also a notorious period for inking deals, so it’s inevitable that the industry will see more come through, according to Kleiman. Though he expects to see consolidation in processing and distribution in particular, the fragmentation across the industry means there are many more deals to come across the entire value chain.

“There has to be more integration and more consolidation…just because that’s a way of capturing more margin and generating a substantial level of synergies,” Kleiman said.

One sector that should be more acquisitive than it has been, given its size and strength, is the Norwegian salmon farming sector, he said.

“They continue to do exactly the same thing they were doing 10 years ago, as opposed to looking for a way of diversifying into other species.”

Anne Hvistendahl, global head of seafood at DNB, the world’s largest lender to the seafood industry, said the Norwegian salmon industry has plenty of consolidation to tackle in its own backyard, with around 80 salmon farmers in Norway.

“Things will happen, and we have mandates in that direction,” Hvistendahl told IntraFish. “You have generational change, so over time there will be fewer players in Norway and in Chile.”
Both in Norway and across borders, the industry can expect to see more deals come to fruition in the salmon sector, but if owners are happy with their operations, it’s difficult to convince them to think about consolidation, Hvistendahl said.

Dag Sletmo, senior advisor for DNB Seafood, put it bluntly: “Everybody wants to buy, and nobody wants to sell.”

Listen to our full conversation with Kleiman on the most recent episode of the IntraFish Podcast, and follow us on Apple and Spotify to hear our upcoming\ conversation with Hvistendahl and Sletmo.

Listen the PODCAST here.

Antarctica Advisors Acts as Exclusive Investment Banking Advisor to Central Seaway Company Inc. in the Sale to Captain Fresh

February 29, 2024 – Antarctica Advisors LLC, the leading Seafood Industry-Focused M&A advisory firm, acted as the exclusive investment banking advisor to Central Seaway Company Inc. (“CenSea”) in the sale to Captain Fresh, an India based multi-species multi-origin seafood player.

Established in 1960, CenSea is widely recognized as a market leader in frozen seafood distribution in the U.S. serving major clients in both foodservice and retail markets. With revenues exceeding $350 million, this acquisition provides Captain Fresh with a strong foothold in the U.S. seafood market and represents Captain Fresh’s first significant investment in the U.S. seafood distribution sector.

Antarctica’s specialized Seafood M&A Team provided CenSea with full-fledged M&A advisory services by marketing the opportunity, identifying the buyer, and structuring and negotiating the transaction towards a successful completion.

“We are extremely proud of what CenSea has accomplished as a family-owned enterprise. We now move forward with a united team and a common goal to continue building and growing an industry-leading company. Antarctica’s transaction team was instrumental in bringing this complex cross-border transaction together by leveraging their knowledge and experience in the seafood industry.” said Nate Torch and Jeff Stern, Co-Presidents at CenSea

“CenSea is one of the most reputable brands in the Seafood Industry and recognized as an industry leader in the U.S.  This highly strategic transaction will unlock global growth potential for the future of CenSea and Captain Fresh. Our specialized Seafood M&A Team worked closely with both management and shareholders throughout the process in bringing this transaction to a successful completion.” commented Birgir Brynjolfsson, Partner at Antarctica Advisors

Antarctica Advisors LLC is a U.S.-based, independent investment banking firm providing clients in the global Seafood Industry with specialized domestic and cross-border, industry-focused M&A advisory as well as private equity and debt capital raising services.

For media inquiries, please contact Info@AntarcticaLLC.com or visit www.AntarcticaLLC.com

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

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.

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Source: Intrafish

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