Aquamar and LM Foods are joining forces to create a new project in the surimi seafood market, producing and selling-crab flavoured seafood to food service, food manufacturing and retail channels primarily in North America.
The transition aims to secure both companies’ futures by creating a larger organisation that will provide greater scale, more cost-efficient operations, and expanded sales and distribution channels. Both companies said the new venture will improve product quality and innovation, while offering a more complete portfolio of products.
Based in California, Aquamar was founded in 1991 and produces both frozen and refrigerated products, most of which are sold under the Aquamar brand name. The company is one of the leading manufacturers of shred-style surimi in North America, selling to restaurant and food service customers as well as major retailers.
Company president Hugo Yamakawa said of the deal: “As a co-founder, joining forces with LM foods is an exciting partnership and next step for our business. With seafood consumption continually rising, the new platform will offer the most innovative and wide-ranging selection of surimi seafood products for our customers.”
LM Foods was founded in the early 1990s and is based in New Jersey. It primarily produces frozen surimi seafood, as well as premium products under the Classic Bay brand name. LM Foods CEO Mark Olivito will lead the new platform and serve on its board of directors.
Olivito said: “Aquamar and LM Foods have complementary capabilities that we think will fit together nicely and serve as a growth platform moving forward. Having manufacturing facilities on both US coasts will enable us to serve our customers better and continue to expand the combined business.”
Huron Capital, Detroit-based private equity firm, has made an equity investment in the platform.
© FoodBev Media Ltd 2019