Bahrain-based private equity firm Investcorp has completed a recapitalization of Fortune International, the parent of Illinois-based Fortune Fish, securing a line of credit of $105 million (€ 95 million) for Fortune.

Under the deal Fortune Fish CEO Sean O’Scannlain, who founded the company in 2001, will remain as CEO and maintains a significant ownership stake.

In order to maintain operational flexibility, Investcorp and O’Scannlain have capitalized the Fortune with what the two describe as a "conservative capital structure to fund a deliberate acquisition strategy and further accelerate Fortune’s geographic expansion."

"Fortune has established itself as a clear leader in its regional market with the quality of its products and the high touch service which it provides to customers," said Randy Schwimmer, senior managing director and head of origination and capital markets at Churchill, the asset management firm behind the financing.

"The company has developed a robust global supply chain to meet steady demand for fresh seafood in the Midwest, and we look forward to supporting Fortune's continued success."

Investcorp is a global mid-market private equity firm, with more than 30 years experience investing in North America and Europe and more recently in the MENA region.

Investcorp's North American business focuses on opportunities in "US-headquartered mid-sized companies with strong managers, solid cash flow, prominent positioning within their industy, a robust track record and potential for growth," according to its website.

Fortune was founded in 2001 and is a leading regional premium seafood and gourmet food distribution platform, specialising in serving "micro-chain" customers including white-tablecloth restaurants, hospitality operators, national and regional grocery chains and other foodservice companies. It operates in two separate segments with the legacy Fortune Fish & Gourmet and Fortune Imports.

"With the support of Investcorp’s resources and expertise, we believe that Fortune will be well positioned to execute on management’s growth strategy by providing customers with the best quality products and expanding in core and adjacent geographies,while continuing to uphold our rigorous sustainability standards," said O’Scannlain.

Correction: A previous version of this story stated Investcorp had acquired Fortune.