Ocean Choice International (OCI), a seafood harvester and processor in St. John’s, Newfoundland, Canada, bought out its minority partner, Landvis Canada Inc.
Two of the founders of OCI, Martin Sullivan (CEO) and Blaine Sullivan (COO), are now the sole owners, making the company 100 percent locally owned and operated.
“This transaction is another important positive milestone for the future of OCI as a leading global seafood supplier, and will give us much more flexibility to successfully carry out our growth strategy,” Martin Sullivan said.
Early last year, Martin Sullivan squashed rumors that the company was up for sale. "OCI has successful operations with positive financial results and we do not anticipate any problems refinancing OCI's debt facilities. It is business as usual at OCI," he said.
Then, last November, Ocean Choice received a CAD 240 million (USD 175 million, EUR 163 million) loan refinancing gave it greater flexibility to develop its operations.
Throughout the process of buying out Landvis, OCI’s employees, communities and customers “have been incredibly supportive and, like us, can now look forward to the solid foundation this provides for our continued growth and leadership in the Canadian and global fishing industries,” Blaine Sullivan said.
