LAMOINE, Maine — A lobstermen-only fishing organization has purchased a local lobster wholesale business, extending the reach of its members further down the distribution chain and giving them a greater share of the profit off their catch.
The Maine Lobstering Union, formed in 2013 in the wake of a sharp drop in prices paid to lobstermen by dealers, is buying Seal Point Lobster Co., a wholesale lobster distribution firm owned by the Pettegrow family. The Pettegrows also own the Trenton Bridge Lobster Pound restaurant, which is not part of the sale.
A representative for the group declined to disclose the sale price, but according to media reports the MLU is paying $4 million for the business.
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