After an initial three-year partnership, two American lobster companies have secured investment to expand their relationship.
East Coast Seafood, based in Topsfield, Mass., and Garbo Lobster of Groton, Conn., have announced they are partnering with Seafood Investment Group to build on the existing relationship to include value-added products – wholesale and retail – along with improved logistics and increased operating efficiencies.
“A key component of our plan includes strengthening the companies’ existing vertical network allowing for maximum use of the product with little to no waste,” said Dave Garbo, president of Garbo Lobster. “It comes down to utilizing this enhanced model to create new opportunities that can be shared among all stakeholders.”
The two companies began their joint venture, Maine Fair Trade Lobster, in 2012 with the acquisition of a 100,000 square-foot facility in Prospect Harbor, Maine. Both companies have described the past three years working together as a success.
“East Coast Seafood and Garbo Lobster are proud to have created meaningful employment in Maine and other rural communities throughout North America,” said Mike Tourkistas, president and CEO of East Coast. “Ultimately, we want what’s best for everyone, including the opportunity to work more closely with harvesters and sustainability of the resource.”
