Fortune International acquires Jubilee Seafood, expanding into US South
Bensenville, Illinois, U.S.A.-based Fortune International has acquired Jubilee Seafood, a distributor and importer with operations in the U.S. South.
The acquisition was finalized on 2 July. Terms of the deal were not announced. The deal expands the reach of Fortune Fish and Gourmet – the parent company of Fortune International – into Alabama, Mississippi, Louisiana, and Florida.
“Our growth focus has always been the central United States, and Jubilee is the perfect partner for us to expand south,” Fortune President and CEO Sean J. O’Scannlain said. “We are eager to build on their strong relationships with the addition of a fresh seafood program and our gourmet portfolio. We will also expand Jubilee’s strong domestic shrimp program within our other divisions.”
From facilities in Picayune, Mississippi, Birmingham, Alabama, and its corporate headquarters in Bayou La Batre, Alabama, Jubilee has a reach across the entire U.S. Gulf Coast, offering an extensive line of frozen seafood, oysters, and local gourmet products.
In its press release, Fortune said it will continue to operate the business out of the three Jubilee Seafood facilities. Jubilee Seafood Co-Owner and Vice President Patrick Kraver will be retained by Fortune and will take on a new title – vice president and general manager for the U.S. Gulf states.
“We are excited about the opportunity to join forces with Fortune,” Kraver said. “Fortune has a well-deserved reputation for excellence in seafood, gourmet products, and a tremendous history in production. We look forward to growing our business providing, high-quality seafood to our customers.”
Jubilee Seafood Founder Charles Walton Kraver, Sr., who will remain on with Jubilee Seafood through the transition. Kraver Sr., who founded the business in 1967, also owns Deep Sea, a shrimp processing facility in Bayou La Batre, and Country Girl, a commercial shrimp boat fishing out of Bayou La Batre. Neither Deep Sea nor Bayou La Batre is included in the acquisition of Jubilee, according to Fortune.
The acquisition is Fortune’s second in a little over a month, after acquiring Classic Provisions, a gourmet products provider and distributor headquartered in Minneapolis, Minnesota, in early June. The moves are part of the company’s ongoing acquisition strategy.