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Silver Bay Seafoods to buy Tri Marine processing plant

Silver Bay said the acquisition completes the company’s vision of owning and operating unloading and processing facilities in both northern and southern California.

Tri Marine Group announced Tuesday it has signed an agreement with Silver Bay Seafoods for the sale of its San Pedro coastal pelagic processing plant in California. The sale is subject to approval of the facility’s ground lease by the Port of Los Angeles, the companies said Tuesday.

Company profile: Silver Bay Seafoods

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“We’re very proud of the business we’ve built over the past 20 years, thanks in large part to the expertise, professionalism and hard work of our management and factory workers,” said Renato Curto, chief executive officer of Tri Marine Group.

“I’m delighted that we’ve reached an agreement to sell to a highly regarded, strategic and successful company like Silver Bay. The sale of our California coastal pelagic assets and business will enable Tri Marine to concentrate our efforts and our resources, on our core business – global tuna supply.”

Silver Bay said the acquisition completes the company’s vision of owning and operating unloading and processing facilities in both northern and southern California. The facilities process and market squid and other species targeted by the company’s associated purse seiners.

Company profile: Tri Marine Group

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“I have great respect for the Tri Marine operation in Terminal Island," said Troy Denkinger, chief executive officer of Silver Bay Seafoods. "The organization’s boats and this plant are the best in class in terms of preserving fish quality and efficiency. Moving forward, we plan to use the existing Tri Marine operation as the benchmark for quality and best practices. Also, we expect to be able to retain all of the company’s dedicated managers and employees.”

Silver Bay said it intends to keep things as is before entering a second phase, which will include a substantial expansion of the freezing, processing and storage capacity of the Terminal Island plant.

Fishing vessels owned by Cape Fisheries, a Tri Marine affiliated company, are not included in the sale. The boats will be contracted to deliver their catches to Silver Bay concurrently with the transfer of the ownership of the plant, the companies said.

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