Halal Industry

Bahrain’s Investcorp acquires U.S. seafood and specialty food distributor

Bahrain-headquartered Investcorp has acquired Fortune Fish and Gourmet, a U.S.-based seafood and specialty food distributor.

The alternative investments manager did not disclose the terms of the transaction, but PE Hub reported at the end of January that Churchill Asset Management and Sumitomo Mitsui Banking Corporation provided a $105 million credit facility to back Investcorp’s acquisition.

“Specialty foodservice distribution in the United States is a highly fragmented, resilient and growing $40 billion market,” Hazem Ben-Gacem, Co-Chief Executive Officer at Investcorp said in a statement on Wednesday (Feb 12).

Fortune CEO Sean O’Scannlain will continue to lead the company and maintain a significant ownership stake, said Investcorp.

The Illinois-based company distributes fresh seafood, frozen seafood and gourmet foods to fine-dining restaurants, grocery stores, hotels and other customers primarily across the Midwestern U.S., said the statement. It handles more than 10,000 seafood and gourmet products annually, according to its company profile.

Investcorp is Fortune’s first institutional capital partner.

“With the support of Investcorp’s resources and expertise, we believe that Fortune will be well positioned to execute on management’s growth strategy by providing customers with the best quality products and expanding in core and adjacent geographies, while continuing to uphold our rigorous sustainability standards,” said O’Scannlain.

The company is a founding member of U.S.-based Sea Pact, an alliance of companies dedicated to improving the social, economic and environmental sustainability of global seafood supply chains.

Investcorp had $28.2 billion in assets under management at the end of June 2019, it says on its website.

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