Bronx, New York, U.S.A.-based Baldor Specialty Foods, an importer and distributor of specialty and fine foods with a network stretching across the U.S. Northeast and Mid-Atlantic regions, has acquired Pierless Fish.
Brooklyn, New York-based Pierless Fish declared bankruptcy on 23 December, 2019, and according to court documents, Baldor purchased the company on 22 April for USD 450,000 (EUR 416,000) in a limited auction ordered by the judge presiding over Pierless’ bankruptcy proceedings. The auction was ordered by the judge after a previous sale agreement – to Virgin Fish Corp. for USD 350,000 (EUR 324,000) – was successfully challenged by Lineage Logistics, which objected to the sale, arguing the purchase price would be insufficient to pay off the more than USD 55,000 (EUR 51,000) it was owed by Pierless for cold storage costs.
In a press release, Baldor said it sought out the acquisition as it “seeks to provide great specialty foods and logistics that give [its] customers an edge.”
“This is exciting news for Baldor, its employees, and partners, and we would like to extend a warm welcome to our new colleagues at Pierless Fish,” Baldor CEO TJ Murphy said in a press release. “This purchase deepens Baldor’s commitment to bring only the best and freshest ingredients to our customers, and we know Bobby and his team at Pierless will make a fantastic addition to our growing line of products.”
Pierless Fish was founded in 1999 by Robert “Bobby” DeMasco, as a wholesale distributor of fresh, high-quality fish and shellfish, counting many top New York City restaurants and food establishments as clients. As the coronavirus has halted the operations of most restaurants in the city, Pierless Fish pivoted to a home delivery model that received attention from The New York Times.
Now under Baldor’s ownership, DeMasco will continue to operate Pierless Fish independently out of its facility in Brooklyn’s Sunset Park. Additionally, DeMasco will be collaborating with Baldor “on some new and exciting seafood items,” he said in a press release.
“Baldor’s distribution network and impressive infrastructure is going to broaden the reach of our premier seafood and get it into the hands of restaurants and chefs who might otherwise never discover the quality products Pierless Fish has to offer,” DeMasco said. “Like Baldor, we’ve always focused on securing the highest-quality, sustainably-harvested products, so this purchase is a perfect fit for all.”
Like Pierless Fish, Baldor has also pivoted to a home delivery model in the past eight weeks as it has lost many of its foodservice customers. On 18 March, the company announced it would make its entire invenetory of food available directly to consumers within a 50-mile radius of its Bronx headquarters for at-home delivery, with a USD 250 (EUR 231) minimum order. On 24 March, Baldor expanded its home delivery service to the Boston and Philadelphia metro areas, and on 17 April, it expanded its home delivery to Washington D.C. and suburban Maryland.
“We have never considered doing this before,” Murphy said at the time. “But in times of crisis, everything must be put on the table and considered. Our main priority is to provide food to the communities we serve – and we will do whatever it takes to make that happen.”
Murphy reported the service now has more than 30,000 sign-ups.
“That tells us one thing: we must continue to expand this service to other locations where we operate to help the people there as well,” he said.
