Aquamar Holdings, a portfolio company of Huron Capital, has acquired seafood producer Shining Ocean from True World Group.
Huron formed Aquamar Holdings in August 2017 to acquire California-based Aquamar, Inc. and New Jersey-based LM Foods. Today, Aquamar is a manufacturer of frozen and refrigerated surimi seafood, producing and selling crab flavored seafood to food service, food manufacturing, and retail channels.
Surimi is a paste made from fish (or other meat) that is available in a variety of shapes, forms, and textures, and is often used to mimic the texture and color of the meat of lobster, crab, eel or shellfish. The most common surimi product in the Western market is imitation crab meat and it is also used in seafood sticks, crab sticks, and fish sticks.
Aquamar is led by CEO Daryl Gormley and is headquartered in Rancho Cucamonga, California.
The addition of Sumner, Washington-based Shining Ocean to Aquamar builds its existing surimi product line, adds additional branded products, and – according to the company – makes Aquamar the second-largest surimi seafood producer in North America.
“We are excited to add Shining Ocean’s business to our portfolio,” said Mr. Gormley. “With this strategic partnership, we significantly expand branded seafood products for our current customers and leverage our investments in innovation and diversification of the raw material supply across a broader footprint.”
True World Group (TWG) is a holding company with investments in seafood and Asian food culture businesses. Its portfolio company, True World Foods, is one of the largest distributors of fresh fish in North America with 22 distribution centers in the United States and 5 in Canada. TWG also owns retail businesses selling sushi, Japanese hot foods, Japanese groceries, and Japanese pastries. TWG is headquartered near New York City in Rockleigh, New Jersey.
“We couldn’t have found a better partner to shepherd our business than the team at Aquamar,” said Robert Bleu, the president of TWG. “The combination of Aquamar and Shining Ocean will greatly benefit our customers, and we wish them nothing but success going forward.”
“We continue to see growing demand in the seafood manufacturing and branded product spaces,” said James Dickinson, a vice president at Huron Capital. “We look forward to offering Shining Ocean’s innovative products as we continue to grow the Aquamar platform.”
Huron Capital makes control and non-control investments in companies with revenues of $20 million to $200 million and EBITDAs of $5 million or more. Sectors of interest include business services, consumer goods and services, and specialty industrials. Founded in 1999, Detroit-based Huron Capital has raised over $2 billion in capital through 6 private equity funds and invested in over 200 companies.
© 2021 Private Equity Professional | December 14, 2021
