Presteve Foods, a portfolio company of Tricor Pacific Founders (Tricor Founders), has acquired La Nassa Foods, a processor and distributor of freshwater fish.
Tricor Founders’ ownership interest in Presteve Foods is held through Purewater Foods, a platform company formed by the firm to make investments in specialty protein companies. Purewater’s first acquisition was the buy of Presteve Foods in in May 2015 in partnership with Presteve’s President, Ulysses Pratas, who continues to have an equity interest in the company.
La Nassa processes and distributes fish caught from Lake Erie and supplies whole fish and fillets (fresh and frozen) to food service distributors, wholesalers and retailers across North America. The company was founded in 1986 and based southeast of Windsor in Kingsville, ON, one of the major Lake Erie commercial fishing ports (www.lanassafoods.com).
“We found the right partners in Presteve Foods and Tricor Founders,” said Tony Giacalone, La Nassa President. “Presteve is the leader on the Great Lakes, and we will be stronger together in creating a good living for the fishermen of the Lakes and in serving our customers better and better.”
Presteve Foods specializes is supplying fresh and frozen fish – whether whole, dressed, filleted or breaded/battered – to wholesalers, distributors and retail customers in the US, Canada and Asia. The company was founded in 1979 and is headquartered southeast of Windsor in Wheatley, ON (www.prestevefoods.com).
“We are thrilled to bring La Nassa together with Presteve, continuing in our effort to become the leader in North America of unique, wild, freshwater fish, and other specialty seafood, and make their sources famous,” said Mr. Pratas. The headquarters of La Nassa and Presteve are located only 18 miles apart.
Tricor Founders makes control investments in food and other consumer packaged goods businesses that have EBITDAs of $3 to $10 million and are based across the Mid-West and Western US, and Canada. The firm is led by its four managing directors – Rod Senft, Richard Harris, Trevor Johnstone, and Derek Senft – and is based in Vancouver, BC (www.tricorfounders.com).
“La Nassa is a substantial acquisition for Presteve, which, together with earlier acquisitions, more than doubles the size of the company compared with just two years ago,” said Mr. Harris. “The specialty protein industry is an attractive market, into which we’re keen to grow and build additional capabilities. We hope to make further acquisitions of specialty protein businesses over the next few years, either through Presteve or separately as part of our holding company, Purewater Foods.”
Collins Barrow (www.collinsbarrow.com) provided transaction advisory services to Tricor Founders and Bryan & Company (www.bryanco.com) provided legal services.
© 2017 Private Equity Professional | February 13, 2017
