Aquamar Holdings, a portfolio company of Detroit private equity firm Huron Capital, has acquired seafood supplier Shining Ocean Inc. in Washington state. Terms of the transaction were not disclosed.
“We continue to see growing demand in the seafood manufacturing and branded product spaces,” says James Dickinson, vice president of Huron Capital. “We look forward to offering Shining Ocean’s innovative products as we continue to grow the Aquamar platform.”
Aquamar, which has facilities in Rancho Cucamonga, Calif. and Carteret, N.J., is a leading manufacturer of surimi, a seafood paste that often is used to replicate lobster and crab meat. Shining Ocean in Sumner, Wash. is one of the top five surimi makers in the country.
“We are excited to add Shining Ocean’s business to our portfolio,” says Daryl Gormley, CEO of Aquamar. “With this strategic partnership, we significantly expand branded seafood products for our current customers and leverage our investments in innovation and diversification of the raw material supply across a broader footprint.”
Founded in 1985, Shining Ocean previously was a subsidiary of True World Group, a global conglomerate of seafood manufacturing and distribution.
“We couldn’t have found a better partner to shepherd our business than the team at Aquamar,” says Robert Bleu, president of True World Group. “The combination of Aquamar and Shining Ocean will greatly benefit our customers, and we wish them nothing but success going forward.
“Shining Ocean has been a dependable performer for us for 36 years, and we will miss the team members from our group. However, this sale allows us to focus on our core food distribution business and our very successful retail concepts, including plans to launch the biggest Asian Food Hall in America in the coming year.”
The addition of Shining Ocean strengthens Aquamar’s existing surimi lineup, adds additional branded products, and provides new opportunities for innovation in the seafood market.