US PE may eye scallop vessel buys after Northern Wind deal closure
It’s “possible” a sizeable US-based private equity may look at upstream deals for scallop vessels after closing the acquisitions of processor Northern Wind and two Canadian lobster companies, Suncoast Seafood and Raymond O’Neill & Son Fisheries (ROSF).
ACON Investments has entered the US scallop sector in a big way with the deal for Northern Wind, based in the industry hub of New Bedford, Massachusetts. However, Northern Wind does not own any vessels, buying from third parties for its plant complex on the Whaling City’s waterfront.
Ignacio Kleiman, the founder of Antarctica Advisors, the seafood-focused boutique advisory firm which advised Northern Wind on the sale, said upstream is one direction Acon could go with the lobster and scallops platform now named Atlantic Sustainable Catch (ASC).