US investor Acon finally closes Atlantic Capes buyout to create $500m shellfish platform

Acon has closed its long-awaited buyout of the downstream division of US scallop giant Atlantic Capes with its Atlantic Sustainable Catch company, which also owns Northern Wind.

Private equity (PE) ACON Investments has closed its long-awaited buyout of the downstream division of US scallop giant Atlantic Capes Fisheries with its Atlantic Sustainable Catch (ASC) company, sources told Undercurrent News.

Washington, DC-based Acon closed the ASC deal for Atlantic Capes on Monday, Dec. 23, creating a $500 million-plus-turnover North American shellfish group. Acon moved into seafood in October 2021 with deals for US scallop processor Northern Wind and two Canadian lobster companies, Suncoast Seafood and Raymond O’Neill & Son Fisheries.

The deal sees Acon-owned ASC acquire Atlantic Capes’ land-based clam, scallop, and value-added seafood assets while the Cohen family keeps its large fishing fleet.

Atlantic Capes has a scallop marketing and processing company in Fall River, New Jersey. Northern Wind already
operates a large plant on the waterfront in New Bedford, Massachusetts, the US scallop capital. In addition, the deal includes Atlantic Capes’ Galilean Seafoods, a large hand-shucking plant in Bristol, Rhode Island.

Antarctica Advisors advised the Cohen family on the sale of Atlantic Capes. The company was built by the late Danny Cohen, who was succeeded by his brother Barry, a lawyer by profession.

Executives with Acon, Antarctica, ASC and Atlantic Capes were not immediately available for comment to Undercurrent.

Undercurrent first reported a formal process for Atlantic Capes back in 2021, with Antarctica running the sell side. Then, in January 2023, it emerged Acon’s ASC was exclusive, before a letter of intent (LOI) was signed in April last year.

Undercurrent first reported a formal process for Atlantic Capes back in 2021, with Antarctica running the sell side. Then, in January 2023, it emerged Acon’s ASC was exclusive, before a letter of intent (LOI) was signed in April last year.

A deal was widely anticipated after the LOI was signed, but nothing emerged, and many assumed the two sides had broken off talks. Acon’s long-awaited deal to unite US scallop giants still in works US wholesale scallop prices

Then, during the 2024 Seafood Expo North America in March, sources said talks were still on, and a deal was close. At the time, one executive said an agreement could be agreed before the start of the new scallop season in April. This prediction proved to be optimistic, with discussions still ongoing four months later.erer

 

SOURCE: Undercurrent News.