Bonamar acquires International Pacific Seafoods, plans expansion in US West Coast region
Bonamar has acquired Brea, California, U.S.A.-based seafood importer and processor International Pacific Seafoods, with the goal of expanding its footprint into the U.S. West Coast region.
Bonamar, with headquarters in Medley, Florida, U.S.A., is a crab importer and value-added processor. It is one of the largest U.S. buyers of Chinese red swimming crab, and also sources blue crab from Venezuela, Colombia, and Mexico, which it sells pasteurized and canned to foodservice and retail customers across the United States. In recent years, Bonamar has focused on expanding into value-added crab production under its Sebastian brand.
The acquisition will help the company add to its product offerings and expand into the western United States, according to Bonamar CEO and Founder Argenis Contreras, who did not disclose the terms of the deal.
“This new operation center is going to feed the West Coast region and be the foundation for the huge growth in our new seafood lines of business and new national chain business channel,” Contreras said in a press release. “Then, Bonamar can combine the two operations and create a national network that is scalable and that will be further expanded in the near future.”
The deal includes IPS’ facility in Brea, California, which has nearly 20,000 square feet of offices, coolers, freezers, and custom cutting rooms. The facility is state-of-the-art and will give Bonamar a competitive advantage, Contreras said.
“Through strategic national processing facilities featuring new technology, we can include value-added finfish and other proteins focused on some revolutionary patent products and processing exclusive and game changing to Bonamar,” he said.
The transaction will also give Bonamar sales support in the U.S. West Coast region through a partnership with the Core Group Seafood Brokers, an IPS spin-off.
“The sales team will represent the combined entities in this market for further street penetration, allowing us to launch a greater offering of products and giving us a more effective platform to sell value-added products at a larger and faster scale,” Contreras said. In addition, the acquisition “will support the IPS current base and expand [its] model into a fully integrated street business, with a focus on broadliners.”
Scaling up to a more national level in sales, production, and logistics will help Bonamar move more volume, Contreras said, adding that the company is exploring the potential of adding a warehouse system in the U.S. Northeast.
“Having brick and mortar and being fully integrated with warehousing systems in the West, Southeast, and, potentially, Northeast would allow us to be more competitive on freight services and customized fish processing operations aimed at e-commerce, national account, and chain business. We can now customize for scale consistently and efficiently on a national level,” he said. “We are committed as an organization to continually challenge ourselves to innovate, bring value to the market place through technology and synergy with intense drive and passion for excellence.”