Nova Scotia-based High Liner Foods, one of the largest seafood companies in the world, has agreed to sell its scallop business and processing facility located in New Bedford, Massachusetts to Blue Harvest for an undisclosed amount.

Blue Harvest entered the scallop industry only last month with the acquisition of Hygrade Ocean Products, a marketer and distributor of company landed scallops, bluefin tuna, and swordfish that is also located in New Bedford.

“The acquisition of Hygrade is consistent with our strategy of building a vertically integrated premium seafood company,” said Jeff Davis, chief executive officer of Blue Harvest.

The High Liner acquisition will reinforce Blue Harvest’s position in the industry, building upon its existing processing and distribution activity.

“Through this acquisition we will grow our customer base, increase our portfolio of quality assured products, and build increased presence in the premium seafood marketplace,” said Davis.

David told South Coast Today that the acquisition will provide the off-loading capabilities needed in order the increase the volume of handling.

“What was important in that building was access to the water,” Davis said, adding that there are plans in the pipeline to relocate Blue Harvest’s management team and make the site the company’s corporate headquarters in the future.

Although Davis declined to discuss the financial terms of the deal, private equity firm, Bregal Partners was a supporter of the deal.

“We are pleased to support management’s vision and strategic direction to be a premier provider of sustainable seafood products, said Scott Perekslis, managing partner and co-founder of Bregal Partners. “This acquisition speaks to the company’s strategy of creating a vertically-integrated seafood brand that is anchored in trust, quality and sustainability.”

—

Lynda Kiernan