Last week, Bellevue, Washington, U.S.A.-based tuna firm Tri Marine was sold to the Milan, Italy-based conglomerate Bolton Group, following months of negotiations. In an email, Tri Marine spokesperson Brie Adderley responded to questions from SeafoodSource about reasons for the sale, potential changes that will be made post-sale, and the state of the world tuna fishery.
SeafoodSource: Why did the Curto family decide to sell at this time?
Adderley: The succession plan has been in the works for quite some. This year Renato is going to be 75 and it is only logical that he plans his retirement.
SeafoodSource: Did changes in fishing regulations or cost play a factor in the decision?
Adderley: No. In fact, Renato Curto will continue to own the U.S. fleet, in spite of the fact that the fishing business is increasingly costly and challenging, especially for fleets focused on quality and compliance, and with the ever-increasing number of regulations and restrictions.
SeafoodSource: What share of Tri Marine did Bolton previously own? Following the transaction, will it own 100 percent of the company or will Mr. Curto retain any interest?
Adderley: Back in 2013, Bolton acquired 49 percent of the entire Tri Marine Group with the exception of the U.S.-flagged vessels, where they could only invest 25 percent due to their non-U.S. nationality. Now Bolton owns 100 percent of the Tri Marine tuna processing and trading operations while Renato Curto owns 100 percent of the companies that have been carved out from the deal.
SeafoodSource: Will Bolton seek to make any changes to how Tri Marine operates?
Adderley: We cannot speak for Bolton, but they have informed us that they do not intend to change the way Tri Marine operates. They do, however, intend to focus on the growth of the tuna trading business. This is why they opted out of other businesses such as the small pelagic business (squid, sardines, and mackerel).
SeafoodSource: Is there any concern on behalf of either Tri Marine or Bolton about the sustainability of the resource as claims of overfishing have been made by both scientists and NGOs?
Adderley: Tri Marine and Bolton are both concerned about the sustainability of the tuna resources, which is why together we founded the International Seafood Sustainability Foundation (ISSF). We continue to be strong promoters of sustainable practices such as fishing limits, fighting IUU fishing activities, fish aggregating devices (FAD) regulation, and eliminating fishing subsidies. Through ISSF, we support the work of the various regional fisheries management organizations (RFMO) and we sincerely hope that they will be able to pass meaningful resolutions that will positively affect the sustainability of the tuna resources.
SeafoodSource: How long will Mr. Curto remain as CEO – in other words, how long will the transition period be?
Adderley: There is not a defined transition period. Renato hopes to be able to focus on the carved-out entities by the end of this year, although the collaboration with Bolton may very well go beyond 2019. We are not only business partners, we are also good friends and we respect each other very much.
