PROVIDENCE – Sea Fresh USA, a squid products distributor with operations in both Narragansett and North Kingstown, was sold to Oceano Seafood, an international fishing and processing conglomerate from Lima, Peru.
Terms of the deal, facilitated by Antarctica Advisors LLC in an advisory role to Sea Fresh USA, were not disclosed.
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The sale will expand Sea Fresh USA’s international footprint while deepening its supplier network and presents numerous growth opportunities, including diversifying its product offerings with access to the U.S. market.
“Oceano has been a customer of ours for several years and we are excited to be their first acquisition in the U.S. market,” said James Fox, owner of Sea Fresh USA. “We are thankful to have worked with the Antarctica Advisors team who played a key role in helping us navigate this complex transaction process. Their senior banker M&A advice was critical to the structuring and negotiating the best possible transaction for me and my employees.”
Founded in 1981, Sea Fresh USA has docking operations in the village of Galilee and processing facility in North Kingstown and employs 100 people. It’s a fully integrated seafood business with fishing, unloading, processing and packing operations that make it one of the largest processors of wild-caught squid in the U.S.
Oceano Seafood was founded in 1997 as a fishmeal company but has diversified into fishing, processing and selling jumbo squid, loligo squid, flying fish roe, mahi, Argentine red shrimp, octopus, tuna, bonito, and anchovy. The company has five processing facilities in Peru and employs 1,100 people.
