East Coast acquires Seatrade International
East Coast Seafood’s parent company, American Holdco, on Friday announced that it acquired Seatrade International Co., one of the United States’ largest scallop processors, with facilities in Portsmouth, N.H., and New Bedford, Mass. Terms of the deal were not disclosed.
Michael Tourkistas, president and CEO of Lynn, Mass-based East Coast, called the acquisition an “excellent fit;” the two companies already had a strategic relationship.
“In keeping with AHI’s strategic vision of vertical and horizontal integration, this acquisition is a step in building a highly diversified seafood company with logistical efficiencies and continued commitments toward sustainable practices and responsible business,” said Tourkistas.
Founded in 1981, East Coast is one of the country’s biggest American lobster exporters; it owns and operates a number of subsidiaries, including Paturel International Co., with processing plants in New Brunswick and Nova Scotia, Canada; Worldwide Perishables Enterprises, a perishable freight forwarding company in Chelsea, Mass., and Halifax, Nova Scotia; and Canadian Gold Seafood Co., with offices in Halifax and Brussels, Belgium.
Seatrade, which just celebrated its 30th anniversary, sells its seafood products throughout the United States and Europe. Steve Barndollar, Karin Barndollar and Bob Blais will continue to manage Seatrade.
“The AHI family of brands complements our business and provides us all an excellent platform for growth,” said Barndollar. “Our Seatrade team is excited by the opportunity to address a larger, consolidated customer base, while providing enhanced product offerings and logistical advantages, thereby creating incremental value for all of Seatrade’s stakeholders — our employees, harvesters and customers.”