March 30, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Cook Inc. announced it has agreed to acquire Slade Gorton, one of the largest manufacturers, distributors, and importers, of fresh and frozen seafood in the U.S.

(Do you remember the jingle… “Trust the Gorton’s fisherman” ?) 

Headquartered in Waltham, Massachusetts, with a history spanning more than 95 years, Slade Gorton was founded in Chicago in 1928 by Thomas Slade Gorton Jr., who began as a fisherman’s apprentice at the age of 14 aboard schooners fishing on the Grand Banks off of Newfoundland, Canada. His son, Michael Gorton Sr. then led the company for 50 years. 

Today, fifth generation Gorton family members Kim Gorton, company CEO, and her brother Mike Gorton Jr., executive vice president of business development, continue to lead the enterprise, and will remain in their roles following the closing of this acquisition. 

Offering 800 fresh and frozen seafood products sourced from more than 25 countries to leading North American foodservice and retail customers, Slade Gorton will be joining Cooke which controls a country-wide distribution network offering a fully vertically integrated seafood harvesting, processing, sales, and distribution network supplying fresh and frozen seafood to every U.S. state. 

“Over nearly a century, Slade Gorton has built a robust and resilient world class supply chain in support of our family’s passion for making sustainable seafood accessible to everyone,” said Kim Gorton, CEO, Slade Gorton. “As the world has evolved over the past several years, it became clear that to accelerate our mission and impact, it made sense to join forces with a diverse, vertically integrated company run by people who share our family values and vision for reshaping the consumer’s experience with seafood.”

Between 2018-2023, the U.S. fish and seafood market grew 2.8 percent per year on average to land at a market value of $3.8 billion this year – growing faster than the country’s overall economy, according to Ibis World. 

Taking a longer, historical view, seafood consumption in the U.S. has seen a significant jump as consumer perceptions shifted due to being more informed and more interested in health and wellness, which saw people begin to replace red meat with fish. Over the decades these shifts were reflected in per capita consumption rates which increased from 11 pounds per person per year in 1968 to 19 pounds per person per year in 2020 – a 75 percent increase.

On a global scale, the fish and seafood segment is expected to see revenue this year of US$28.09 billion, according to Statista, which goes on to state that the market is expected to see a CAGR of 2.95 percent between 2023-2027.

“There could be no better fit than Glenn Cooke and the incredible global company his team is building. We are excited to join forces with the Cooke family of companies to take the Gorton family’s legacy forward,” said Kim Gorton.

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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