Westmorland Fisheries, a Canadian lobster processor based in New Brunswick, announced Thursday, 3 March it had reached an agreement to acquire Trico Seafoods, a marketing company also based in New Brunswick.
The terms of the agreement were not disclosed.
Westmorland Fisheries Ltd., founded in 1973, owns a 60,000-square-foot plant out of Cap-Pelé, New Brunswick and employs more than 400 workers during its peak season. The company primarily produces frozen lobster products under the Rocky Point brand for customers in North America, Europe and Asia.
“Westmorland is focused on growth opportunities that are a good strategic fit for the company,” said Russel Jacob, president and co-owner of Westmorland Fisheries. “This acquisition will extend Westmorland’s reach in the foodservice and retail sectors and build on our position in growing European and Asian markets.”
Trico Seafood was founded in 1988 to market seafood products on behalf of a number of independent processors and cooperatives in eastern Canada. Prior to its purchase, the company marketed lobster and shrimp products in Canada, the U.S., the E.U. and Asia.
Trico Seafood will continue to exist as a wholly-owned division of Westmorland Fisheries. Westmorland will continue to process and market all lobster products formerly offered by Trico Seafood and will seek to retain all existing customer relationships, according to a Westmorland press release.
“Our two companies have built an excellent working relationship over the years,” said Eugene Landry, president and owner of Trico Seafood. “Westmorland is a world-class lobster processor with impressive capabilities, a strong commitment to customer service, innovation and high-quality products. Along with its association with Riverside Lobster International Inc., a live shipper and lobster processor, and Chéticamp Fisheries International Inc., a snow crab processor, I believe Trico’s customers will be well served by this transaction and I look forward to growing the business in a way that benefits both operations and its customers.”
