Lobster distributors Garbo Lobster and East Coast Seafood announced Thursday they formed a new partnership with equity provider Seafood Investment Group (SIG) allowing them to expand their value-added processing joint venture Maine Fair Trade Lobster.
The new financial resources will result in a VAP expansion on both wholesale and retail, improved logistics and increased operating efficiencies, the companies said.
Michael Tourkistas, CEO and president at East Coast Seafood, said the expansion of the partnership would lead to "meaningful employment in rural communities throughout North America.
“The right investments in technology and infrastructure will fast forward efficiencies throughout the industry and allow proactive use of valuable industry resources,” he said.
In 2012, the partnership acquired former Bumble Bee Foods' 100,000-square-foot Prospect Harbor plant at auction for $900,000 (€700,000).
The partnership began processing in 2013 and has invested millions into the operation.
Ignacio Kleiman, managing partner of Antarctica Advisors, which advised on the transaction, called it "a great entry for SIG into the North...
