Sole Source Capital has acquired Lee Fish USA, an importer and distributor of fresh and frozen seafood.
Lee Fish sources more than 220 branded seafood products from a variety of supplier types, including wild fisheries and fish farms under semi-exclusive arrangements that are located in New Zealand, Australia, and Japan.
Lee Fish, led by CEO Myles Bowker, was founded in 2001 by Richard Adlem and is headquartered less than one mile from Los Angeles International Airport in El Segundo, California.
“With Sole Source, we look forward to expanding our distribution capabilities and customer base as we continue to source the highest-quality, in-demand premium seafood for our customers throughout North America,” said Mr. Bowker.
“This transaction marks the firm’s third platform investment in the foodservice distribution space, following our investments in Individual Foodservice and Worldwide Produce, and we believe our expertise in this market will help drive significant value,” said David Fredston, the founder and CEO of Sole Source. “Our partnership with Lee was created through a long-term relationship, and we are proud to have completed our 40th deal since the inception of the firm.”
“Sole Source is actively looking for quality-focused seafood distribution add-ons that will expand Lee’s geographic presence and drive exceptional customer service,” said Scott Sussman, a partner and CIO of Sole Source.
Dallas-headquartered Sole Source makes control investments in high-precision manufacturing, diversified distribution, and industrial service companies that have EBITDA from $5 million to $20 million. The firm specializes in the acquisition of founder-owned businesses and corporate carve-outs.
“We are pleased to partner with Sole Source, whose team has a strong reputation of growing founder-owned businesses,” said Mr. Adlem.
Sole Source was founded in 2016 and is headquartered in Dallas with an additional office in Santa Monica, California.
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