Rich Products acquires Morey’s Seafood International
Rich Products has acquired Morey’s Seafood International, expanding Rich’s presence in the United States value-added seafood market.
Buffalo, New York, U.S.A.-based Rich Products, which owns popular frozen seafood brand SeaPak, said Tuesday, 4 February, it is buying Plymouth, Minnesota-based Morey’s for an undisclosed amount.
Morey’s, which processes and distributes a full line of fresh and frozen seafood products and value-added products, expanded to a 65,000-square-foot facility last spring to meet growing demand. Around 200 associates will join Rich’s as part of the acquisition.
“We’ve invested in Morey’s because we see an exciting opportunity to grow our seafood business and take it to even greater heights,” Rich Products Senior Vice President of Consumer Brands Jim Motos said in a press release. “Rich’s is a proud leader in seafood. Adding Morey’s know-how, product portfolio, and passion for high-quality, authentic fish and seafood products to our already strong seafood business puts us in a great position to deliver more for our customers and meet the changing demands of their consumers.”
The addition of Morey’s will advance Rich’s value-added seafood business and “supports the company’s goal of expanding its impact and ability to provide customers with greater offerings,” Rich said.
“Bringing our two venerable brands together under one roof will help drive our impact in the seafood category,” Morey’s CEO Jim Walstrom said. “The combination of our seafood industry knowledge, superior products, and customer portfolio pair well with Rich’s strong reputation. Joining forces brings greater opportunity to grow our business together.”
Morey’s line of frozen, marinated seafood products sold at club stores and other retailers includes: Sweet Bourbon Atlantic Salmon, Sweet Bourbon Wild Salmon, Steakhouse Tilapia, Butter and Herb Cod, Honey Butter Sole, and many other flavors.
The supplier also carries an expansive line of smoked salmon and other fish, as well as imitation crab and surimi.
Morey’s also recently sold its St. Louis and Kansas City Operations to Fortune International.
In January, Rich’s long-time CEO Bill Gisel took over as executive vice chair of Rich Holdings, Inc., the holding company for all Rich family business enterprises.
Meanwhile, Rich Products President and Chief Operating Officer Richard Ferranti was promoted to Gisel’s former post as CEO, leading Rich’s USD 4 billion (EUR 3.6 billion) global food business.
Representatives from Rich Products and Morey's declined requests from SeafoodSource for additional comment on the transaction.