Sea Watch International, an Easton, Maryland, U.S.A.-based producer of clam products has acquired Whiting, Maine, U.S.A.-based Look’s Gourmet Foods for an undisclosed sum.
Look’s Gourmet Foods does business as Bar Harbor Foods and is known as a leading producer of branded quality seafood products for retail.
Sea Watch International CEO Bob Brennan said in a press release he expected the transaction to help grow the highly successful Bar Harbor brand.
"The acquisition of Bar Harbor will strengthen Sea Watch's position and growth in the U.S. retail segment. Our integrated production capabilities and highest quality standards will further support the rapidly growing Bar Harbor brand to become the priority choice for our retail customers across the U.S.,” Brennan said. “Sea Watch is excited to welcome [Bar Harbor President Mike Cote] Michael Cote and his team at Bar Harbor into the Sea Watch family.”
The transaction was brokered by Antarctica Advisors LLC, a seafood industry-focused investment banking firm based in Miami, Florida, U.S.A. and Santiago, Chile, acted as advisor to Sea Watch International Ltd. in the acquisition.
Antarctica Advisors Managing Partner Ignacio Kleiman said the transaction was partially a product of a shift in consumer preference in the U.S. toward more sustainable seafood products.
"This is a highly strategic transaction for our client and for the future of the Bar Harbor brand,” Kleiman said. “As the U.S. consumers are increasingly looking to buy sustainable seafood products, the management of Sea Watch recognized the need to offer its retail customers high-quality products where Sea Watch maintains control of the production and quality process from the ocean to the plate.”
