The owners of Halifax, Nova Scotia, Canada-based Fisher King Seafoods have repurchased 15 percent of the company from Japanese conglomerate Nichirei.
Nichirei purchased a 25 percent share of the company in 2009, giving the company a capital infusion that allowed it to invest in its infrastructure. Since then, Fisher King’s sales have expanded from CAD 50 million (USD 43.8 million, EUR 32.6 million) to more than CAD 270 million (USD 215 million, EUR 178.4 million) in annual sales in 2017.
Fisher King Seafood sources wild-caught snow crab, lobster, scallops, cold-water shrimp, ocean perch, and turbot on the east coast of Canada. Nichirei will retain a 10 percent holding, Fisher King CEO Tor Conklin told SeafoodSource, with Conklin and Fisher King President Mark Powell each upping their stakes to 45 percent each.
“We continue to have a strong relationship with Nichirei,” he said. “Both companies are focused on the continued growth of the business together and the overall success of each company. They fully supported our decision to buy back shares.”
The Nichirei partnership allowed each company to tap into the other’s global sales network and seafood supply chain, helping the company expand, Conklin said. He said there are no plans for him or Powell to purchase Nichirei’s remaining 10 percent stake.
“We foresee working and partnering with them for years to come,” Conklin said. “They are a key supplier of many seafood products including Japanese scallops, shrimp and our sushi and sashimi products which have been vital to Fisher King’s North American growth in the Japanese food space.”
Owning a larger share of the company, coupled with a new and larger credit facility the company obtained in 2017, allows Conklin and Powell to continue expansion in the North American marketplace and enables Fisher King to consider acquisition opportunities “if and when they arise,” Conklin said.
“As FKS pursues acquisition opportunities, increased flexibility and responsiveness in making strategic financial and operational decisions are critical moving forward,” he said.
But Fisher King isn’t solely relying on future acquisitions for growth. Over the past two years, Fisher King Seafoods has added five new employees to its sales team, including three at its Fisher King Seafoods USA office in Essex, Massachusetts, which opened in June 2017.
“Our sales and supply chain teams have been instrumental in developing a diverse and deep-reaching, well-serviced customer base,” Conklin said.
