Polish salmon and whitefish processor Milarex on Monday announced it acquired US specialty seafood company ULTCO, which it hopes will help it tap into strong seafood demand in North America.
The deal will transform Milarex from a European player into a "global" company, CEO Thomas Farstad said, expecting combined sales to increase to €300 million ($357 million).
Following the transaction, ULTCO will continue to grow and market its products as an importer and distributor in North America. The two companies will work on product development and reduce time to market.
However, both Milarex and ULTCO remain tight-lipped on the terms of the deal.
Milarex, which is now 100-percent owned by Swedish private equity fund Summa Equity, will also sell its products through ULTCO, while ULTCO will continue supplying existing partners.
California-based ULTCO and Milarex have been business partners for several years and have executed several product launches at retailers and foodservice chains.
ULTCO co-founders Michael Fairman and Francisco Pinto will remain at the helm under the Milarex ownership.
Founded in 2016, Milarex processes and distributes value-added salmon products globally, with sales offices in Germany, Italy, France, the United Kingdom, Poland and the United States.
The company witnessed "a significant growth in sales" in the first half of 2020, in spite of the ongoing COVID-19 pandemic and this trend also continued through the latter half of the year.
In the annual IntraFish Outlook Series, Farstad hinted that the company would "further balance the portfolio between markets, both in Europe and with overseas exports."
