Glacier Securities LLC, the New York-based subsidiary of Iceland’s Islandsbanki, acted as lead advisor providing investment banking services to American Seafoods Group LLC in its acquisition of the business and assets of Good Harbor Fillet LLC, a manufacturer of value-added frozen seafood products. Prior to the acquisition, Good Harbor was wholly-owned by Creo Capital Partners LLC.
American Seafoods Group is a world leader in harvesting, at-sea processing and value added preparation of quality seafood. The Good Harbor business will be integrated into American Seafoods’ land-based processing company, American Pride Seafoods LLC.
In a press release issued today, Bernt Bodal, Chairman and CEO of American Seafoods Group stated that “In an industry that continues to see consolidation, Good Harbor’s business is a natural fit to American Seafoods’ land-based processing operations.”
John Cummings, President of American Pride Seafoods, said “The combination of these two great businesses increases our ability to deliver value to our customers.”
Ignacio J. Kleiman, CEO of Glacier Securities, commented that the transaction is one step in the consolidation of a highly fragmented yet globalized seafood industry. “Industry leaders like American Seafoods realize that being successful in this business requires strategic insight into the industry. The industry is going through a phase of rapid consolidation, and the Glacier team of specialized investment bankers understands the nature and language of this business segment. It has been a privilege to work with and provide our expert advice to a market leader like American Seafoods.”
