Gloucester, Massachusetts, U.S.A.-based Gorton’s is looking to buy a frozen-food manufacturer to expand its product offerings, the company said in an announcement.
“A desire to diversity product offerings and increase manufacturing capacity has led to the strategic decision to acquire a frozen food manufacturer,” Gorton’s said in an email sent by The Food Institute.
Gorton’s ideal acquisition target has between 75,000 and 130,000 square feet of manufacturing capacities and that produces value-added frozen seafood, other protein products, and vegetables. Ideally, the company would produce appetizers, hand-held products, sides, or meals, Gorton’s said. The company would ideally be involved in private-label business, co-packing, producing foodservice or branded food products for retail, service of club and big-box stores, and one that serves foodservice and restaurant customers, Gorton’s said.
Gorton’s further stated its preference to acquire a company located in the middle of the U.S., with proximity to major labor markets. The company should be privately held and private equity-backed.
Gorton’s has retained Focus Acquisition Partners as its merger and aquisition advisor. Gorton’s and King & Prince Seafood have used Focus Acquisition Partners in previous strategic acquisitions they have completed.
“If you currently own a portfolio company or know of a company that may meet these investment criteria, please let us know,” the company said. Gorton’s “understands the current market dynamics and situations, and is prepared to pre-empt a sales process by moving quickly to compete a transaction,” the company added.
Gorton’s declined to provide additional comment to SeafoodSource on the potential acquisition due to the exploratory nature of its acquisition process.
Photo courtesy of Gorton’s
