Portland, Oregon, U.S.A.-based Fishpeople Seafood has secured a USD 7 million (EUR 6.1 million) investment from investment banking firm Stonegate Capital.
Andrea Hedrick, head of originations at Stonegate, which is based in Dallas, Texas, U.S.A., said her firm was drawn to Fishpeople due to its unique placement in the market and its ample capital backing, according to ABL Advisor.
“Fishpeople is dedicated to product innovation and to making traceability a significant differentiator,” Hedrick said. “With the combination of the company’s exceptional management team and extremely supportive equity backing, we couldn’t be more pleased to partner with [Fishpeople].”
Fishpeople Seafood, a maker of sustainable seafood kits, as well as seafood jerky and soups, already has products available in more than 5,000 retail stores in the U.S., including Safeway, Albertsons, and Whole Foods.
It previously announced USD 12 million (EUR 10.7 million) in financing from the Advantage Capital Agribusiness Partners in June 2017. According to ABL Advisor, the firm also has backing from S2G Ventures, 3X5 Partners, Encourage Capital, Cambridge SPG, the Renewable Resource Group, Blueberry Ventures, and Collaborative Fund.
“Andrea and the Stonegate team worked with us to ensure they provided a customized solution that best fit our fast-growing business, and we’re excited to expand our partnership with them,” Fishpeople vice president of finance Brian Gentry said. “The company will utilize the senior debt facility to support continued product expansion and ongoing operations. This investment aligns well with Stonegate’s support of the high growth, consumer product, sponsor-backed space.”
