Bensenville, Illinois, U.S.A.-based Fortune International has signed an agreement to acquire Boston Sword and Tuna.
The deal will increase Fortune’s stature as one of the largest seafood distributors in the United States. Fortune International President and CEO declined an interview request from SeafoodSource, deferring until the transaction closes, which is expected within 60 days. Terms of the deal were not released.
“We’re excited at the prospect of our agreement to acquire Boston Sword and Tuna, one of the most respected seafood distributors on the East Coast with a superior management team and hugely loyal customer base,” O’Scannlain said in the 13 March announcement
“We’ve long admired Fortune and have deep respect for Sean and his team, who we’ve known for over 20 years,” Boston Sword and Tuna CEO Michael Scola said. “We’re excited at the prospect of joining Fortune to broaden and strengthen our national platform.”
Boston, Massachusetts, U.S.A.-based Boston Sword & Tuna was founded in 2003 by Michael Schola and Tim Malley. It began as a purveyor of fresh and frozen seafood, merging with R&P Seafood and Shellfish in 2007 and adding a fillet line in 2012. At the time of the transaction, the company has more than 650 retail, wholesale, and distribution customers.
In 2019, it began construction on a USD 20 million (EUR 17.5 million), 50,000-square-foot processing facility in South Boston, Massachusetts. The facility, now nearly complete, includes 36,000 square feet of processing space, a test kitchen for product trials, and 10 loading bays. It began an addition in 2022 that will add an extra 8,700 square feet of processing capabilities, allowing the company to augment its product offerings.
“Having our own building in South Boston will have a big impact on how we do business,” Scola, told the Boston Herald at the groundbreaking ceremony. “The bigger space will enable us to meet internationally recognized quality standards that will allow us to grow and better serve our customers globally.”
Fortune International has made a bevy of acquisitions since receiving a USD 105 million (EUR 95.1 million) investment from Bahrain-based mid-market private-equity firm Investcorp in 2020. The company is a full-service processor and distributor providing restaurants, hotels, and gourmet retail stores with fresh, live, and frozen seafood and gourmet foods. The company handles more than 20,000 seafood and gourmet products daily and more than 15,000 customers throughout the United States.
Photo courtesy of Boston Sword and Tuna
