Canadian lobster firms merge
Nova Scotia, Canada-based Riverside Lobster International has been acquired by Quebec, Canada-based private equity group Champlain Financial Corporation, the owner of Cheticamp Fisheries.
Ascendiant Capital Markets - Riverside’s previous owner – announced the deal earlier this week. A distributor and processor of leading seafood brands, Riverside specializes in the sale and delivery of lobster and scallops to customers in the United States and Canada, as well as 20 other countries in Europe, the Middle East, and Asia.
The deal, which entailed the merging of Cheticamp with Riverside, was initiated in May 2017 and closed at the end of July. It is intended to create a “global leader in the Canadian Maritime provinces seafood industry,” according to an Ascendiant press release. The companies have combined revenues in excess of CAD 175 million (USD 138 million, EUR 117 million),
"Both companies are strategically located in the most productive crab and lobster regions of the Nova Scotia coast. I am pleased to associate myself with this outstanding management team, led by David Deveau at Riverside and Pierre Leblanc at Cheticamp, both experienced executives who enjoy a strong reputation throughout the industry,” said Marc Poulin, formerly CEO of Sobeys and the incoming executive chairman of Champlain's seafood platform.
"We are very pleased to have found a partner like Champlain through Avi's and Gary's efforts, and believe that Riverside's future with Champlain, including the combination with Cheticamp Fisheries, will be bright," Riverside President and CEO David Deveau said.
The firm said Deveau will remain in his position and maintain a "meaningful" stake in the company.