NEW YORK — Blue Harvest Fisheries, LLC (“Blue Harvest” or the “Company”) announced the acquisition of seven Massachusetts-based scallop vessels and related shoreside assets from Harbor Blue Seafood, Inc. and related affiliates (“HBS” or “Harbor Blue”). Blue Harvest now owns 15 scallop vessels and operates shoreside facilities in Newport News, Virginia and New Bedford, Massachusetts.
“Blue Harvest is now clearly positioned as an industry leader in terms of access to the highly valuable Atlantic sea scallop resource” said Jeff Davis, President and CEO of Blue Harvest. Mr. Davis continued by saying, “The acquisition of HBS and its related infrastructure in New Bedford, Massachusetts establishes a northern fleet and complements our existing Newport News, Virginia based fleet.”
“The acquisition of HBS is consistent with the Company’s overall strategy of building a vertically integrated premium seafood company,” said Mr. Davis, adding “Harbor Blue’s involvement with premium products such as bluefin tuna and swordfish expands the Company’s overall product portfolio.”
“We are delighted to have assisted Blue Harvest on this transaction,” said Scott Perekslis, Managing Partner and co-founder of Bregal Partners. “This transaction is representative of our overall firm objectives; we like to align ourselves with proven executives and to help them accelerate the implementation of their strategic growth plans,” continued Mr. Perekslis.
Mr. Davis concluded by saying “We expect to continue to expand our product portfolio and to further invest in other parts of the seafood value chain.”
Dechert LLP served as the legal advisor to Blue Harvest while TD Bank, Santander, and Islandsbanki provided senior financing for the acquisition.
About Blue Harvest Fisheries
Blue Harvest Fisheries is devoted to the sustainable harvesting, processing, and marketing of MSC certified premium Atlantic sea scallops and the sales of distribution of other premium seafood products. Blue Harvest is committed to harvest seafood from only well managed, sustainable fisheries and further strives to have all its seafood third party certified for sustainability.
About Bregal Partners
Bregal Partners is a private investment firm that invests alongside management teams to build industry leading companies in the middle market. Areas of focus include energy services, consumer, food and retail, and healthcare. With $600 million of committed capital funded by a sixth-generation family foundation with roots back to 1841, Bregal Partners brings experience, stability, and a long-term outlook to all of its investment activities. Bregal Partners is part of Bregal Investments, a global family of private equity and fund investment vehicles that has invested more than $10.5 billion since 2002. For more information on Bregal Partners, please visit www.bregalpartners.com.
Source: Blue Harvest Fisheries
