Two New Brunswick lobster processors are now under new ownership.
An American private equity firm, ACON Investments LLC, has bought Suncoast Seafood of Grande-Digue and Raymond O’Neill & Son Fisheries of Escuminac.
The deal closed last week but the terms were not disclosed.
“This transaction represents a historical moment in Canada’s Maritimes seafood industry: a simultaneous merger of two leading seafood processors while teaming up with a top-notch financial partner. It creates a solid base which would enable the companies to grow at a faster pace organically, as well as take advantage of various other acquisition-related opportunities existing in the market today,” commented Avi Suriel of GTS Securities which completed the sale.
The two processors employ about 380 people on a seasonal and full-time basis.
“We are excited about the opportunity to collaborate with an accomplished financial partner such as ACON, and believe that their financial and strategic contribution to our future will make the new platform a bright success story in our industry,” noted Luc Doiron, founder and president of Suncoast.
ACON also acquired a Massachusetts-based scallop producer, Northern Wind Incorporated.
The three acquisitions will form a new seafood company called Atlantic Sustainable Catch.
