Rich Products is acquiring Morey's Seafood International, a leading seafood supplier based in Minnesota.
In addition to a range of other frozen items, Rich Products supplies SeaPak, one of the largest and most prominent frozen seafood brands in US supermarkets.
Morey’s processes and distributes a full line of fresh and frozen seafood products, including a line of value-added products. The company's items are listed at both conventional retail and club store chains.
Last March, Fortune International acquired the St. Louis and Kansas City operations of Morey's Seafood International. The purchase did not include Morey's Minnesota-based manufacturing or distribution operations.
On Tuesday, Bahrain-based private equity firm Investcorp acquired Fortune International, the parent of Illinois-based Fortune Fish, bringing with it secured investment of $105 million (€ 95 million).
"The strategic addition of Morey’s enhances Rich's seafood offerings and positions the company for greater innovation, expanded capabilities and long-term growth," the company said.
“We’ve invested in Morey’s because we see an exciting opportunity to grow our seafood business and take it to even greater heights,” said Jim Motos, Rich Products' senior vice president of consumer brands division.
Founded in 1937, Morey’s operates a manufacturing facility in Motley, Minnesota, and a seafood processing and distribution center in Plymouth, Minnesota.
“Bringing our two venerable brands together under one roof will help drive our impact in the seafood category,” said Morey's CEO Jim Walstrom.
Approximately 200 employees join Rich’s as part of this acquisition. Financial terms of the transaction were not disclosed.
Last March, Morey’s announced it was relocating its Minnesota-based regional distribution business and corporate office into a new facility located in Plymouth, Minnesota.
"This expansion will significantly increase the capacity and resources of the company and position it to better serve the ever-changing needs of its customers well into the future," said Scott Wickert, vice president of sales at Morey’s, at the time.
Morey’s new processing and distribution center is more than 65,000 square feet.
It boasts enhanced spaces for value-added processing in an optimal food-safe environment, as well as significantly increasing its processing and storage capabilities.