Dallas, Texas, U.S.A.-based Sole Source Capital has acquired El Segundo, California, U.S.A.-based Lee Fish USA.
Founded in 2001 and operating out of a facility near Los Angeles International Airport, Lee Fish is an importer and value-added distributor to the North American market of products sourced through semi-exclusive arrangements with producers in New Zealand, Australia, and Japan. It offers more than 220 farmed and wild-caught products.
“With Sole Source, we look forward to expanding our distribution capabilities and customer base as we continue to source the highest-quality, in-demand premium seafood for our customers throughout North America,” Lee Fish CEO Myles Bowker said in a press release.
Terms of the transaction were not disclosed.
Sole Source Capital LLC describes itself as a private equity firm focused on fragmented, high-growth industrial subsectors. It has now made three platform investments in the foodservice distribution space it was founded in 2016, following acquisitions of Individual Foodservice and Worldwide Produce.
“We believe our expertise in this market will help drive significant value,” Sole Source Capital Founder and CEO David Fredston said. “Our partnership with Lee was created through a long-term relationship, and we are proud to have completed our 40th deal since the inception of the firm.”
Sole Source Partner and CIO Scott Sussman said his firm is seeking other founder-owned businesses or corporate carve-outs in the seafood distribution sector “that will benefit from the team’s operating and M&A capabilities.”
“Sole Source is actively looking for quality-focused seafood distribution add-ons that will expand Lee’s geographic presence and drive exceptional customer service,” Sussman said. “The firm has a strong operating heritage that enables it to execute a buy-and-build strategy with significant downside protection.”
Photo courtesy of Lee Fish USA
