ACON Investments acquires Northern Wind, Suncoast, Raymond O'Neill & Sons
Washington D.C., U.S.A.-based ACON Investments has announced that it has simultaneously acquired Northern Wind Inc., Suncoast Seafood Inc., and Raymond O’Neill & Son Fisheries Ltd. (ROSF) and is merging the three companies to create a new entity with the name of Atlantic Sustainable Catch.
The new company, will be a processor and distributor of premium, sustainable seafood, ACON said in a release. The combined acquisitions will hand Atlantic Sustainable Catch the operations of five locations in the U.S. state of Massachusetts and the Canadian province of New Brunswick with a combined 600 employees, and will make the new company a major producer of both scallops and lobster.
“Consumer demand for sustainable, high-quality, great tasting, good-for-you proteins continues to explode,” ACON Executive Partner Adam Kriger said. “ASC and its suppliers and customers are ideally positioned to meet these growing needs.”
According to ACON, the “existing owners and management teams” of all three businesses will “provide leadership” to the platform and be shareholders and partners in the new ASC.
Northern Wind, founded in 1987, is a direct off-loader, processor, and distributor of fresh and frozen scallops, which it distributes under the Five Star Premium, Captain’s Call, Mariner’s Choice, Sea Spray, and Bon Cuisine brands. In January 2020, the company completed construction of a new 38,000-square-foot facility in New Bedford, Massachusetts, featuring a 21,600-square-foot holding freezer with a 5.5-million-pound capacity and a high-efficiency processing line capable of processing 12,000 scallops per hour.
“The Northern Wind team is excited about the ability to continue the growth of our business, with the support of our new investment partners and an ideal strategic partnership with Suncoast and ROSF,” Northern Wind Founder and ASC Executive Chairman and Interim CEO Ken Melanson said.
ACON partnered with Farm Credit Canada, Farm Credit East, and PNC for the financing on the transaction.
The two Canadian companies – Suncoast and ROSF – both process lobster.
“We are thrilled to partner with a group that supports our family and believes in our leadership,” the O’Neill family said in a release. “This partnership brings together resources and expertise in a way that will enable us to continue to build our business and grow with our customers into the long term.”
The terms of the transaction were not disclosed by ACON.