Peru-based Océano Seafood has extended its footprint into the US market through the acquisition of peer Sea Fresh USA for an undisclosed sum.
The move gives the Lima-headquartered business control of a business with annual sales of around $50m, deepens its supplier network and diversifies its product offering.
Sea Fresh, founded in 1981 and based in Rhode Island, is a fishing and processing firm with docking operations – Handrigan Seafoods – and a processing facility in its home state. It is best known for its fresh and frozen squid which is sold to both retail and foodservice customers.
Océano, which has been one of Sea Fresh’s customers, was founded in 1997 as a fishmeal company but has diversified into fishing, processing, and selling squid, flying fish roe, mahi, Argentine red shrimp, octopus, tuna, bonito and anchovy.
The company has five processing facilities in Peru and 1,100 workers. It sells its produce under the A-1 brand.
In June, it acquired Pesfasa, a Spain-headquartered octopus exporter.
On its US acquisition, Océano president Ignacio Tirado said: “We aim to continue investing and growing the [Sea Fresh] business in the US and integrate our global sourcing capabilities into it.”
James Fox, owner of Sea Fresh, said: “Oceano has been a customer of ours for several years and we are excited to be their first acquisition in the US market.”
Ignacio Kleiman, managing partner of Antarctica Advisors – which advised on the deal – said: “Sea Fresh provides Oceano direct access to the US market with a brand recognised for its high-quality fresh squid products.”
Source : Just Food
More than 75% of its sales are in Asia while 17% of its produce is exported to Europe. Its sales to North America account for 7% of its total.