Stavis Seafoods has replaced CEO Richard Stavis with Chuck Marble, Stavis’ president and former CEO of Elevation Brands, following an investment from Dutch fishing company IMV.
Amsterdam-based IMV, which runs global fishing and processing operations, including a presence in Europe, South America, Asia, and Africa, announced the investment in the Boston, Massachusetts-based seafood distributor on Wednesday, 17 January.
“This is an exciting time for Stavis Seafoods,” Marble said. “The IMV partnership will increase our production and sourcing capabilities and allow us to target a larger scale of customer while having more control over our supply chain. Stavis has a long history of innovation and excellence in seafood and this relationship will help us continue that tradition by positioning us as a true international player in the industry. We are thrilled about this relationship and the future of Stavis Seafoods.”
The new strategic partnership will “deliver vertical integration that will help Stavis Seafoods expand its reach both domestically and internationally,” the company said in a press release. Exact terms of the deal were not publicized, but it includes financial support “that provides Stavis with more resources to position the company for growth.”
Following the transaction, Richard Stavis will move into a new role as chief sustainability officer and director of purchasing for Stavis Seafoods. Marble, who was hired as president of the company in March 2017, has been promoted to CEO and will take over the day-to-day management and operations of the company.
Richard Stavis said that in his new position, he plans expand the company’s role in seafood sustainability initiatives and, in a broader effort, assisting the seafood industry’s move toward greater sustainability.
“For years, one of our main strategic goals was to become a more vertically integrated company so we could meet the ever-changing needs of our customers,” Richard Stavis said. “This partnership not only offers direct access to high-quality seafood, it also allows us to promote a simpler, more traceable sourcing solution. Consumers are getting more and more interested in seafood and this partnership makes us better equipped to meet their needs and answer their questions about how their seafood is sourced.”
Stavis said the deal will allow for the expansion of Stavis Seafoods’ farm-raised seafood product selection, and gives it access to IMV’s variety of wild-caught seafood. Sourcing more products from IMV will allow for greater traceability of Stavis products, giving the company a competitive advantage, Stavis said.
“[We can] show customers a direct connection to fishermen harvesting seafood on-board its boats,” Stavis said. “This business relationship enables Stavis Seafoods to offer direct access and unparalleled supply chain visibility and traceability to its customers for a wide variety of seafood.”