CHICAGO, IL – February 4, 2020; City Capital Advisors (“CCA”), a leading results-driven boutique investment bank serving middle market companies, announced today that it acted as exclusive financial advisor to Morey’s Seafood International (“Morey’s”) in connection with the sale of the company to Rich Products.
Founded in 1937 and based in Minnesota, Morey’s is a leading seafood supplier processing and distributing a full line of frozen and fresh seafood products, including a line of value-added products.
“We’ve invested in Morey’s because we see an exciting opportunity to grow our seafood business and take it to even greater heights,” said Jim Motos, Rich Products’ senior vice president of consumer brands division.
“The strategic addition of Morey’s enhances Rich’s seafood offerings and positions the company for greater innovation, expanded capabilities and long-term growth,” the company said.
“Bringing our two venerable brands together under one roof will help drive our impact in the seafood category,” said Morey’s CEO Jim Walstrom.
Approximately 200 employees join Rich Products as part of this acquisition. Financial terms of the transaction were not disclosed
Morey’s processes and distributes a full line of frozen and fresh seafood products, including a growing line of value-added products. Its line of frozen, marinated seafood products sold at club stores and other retailers includes: Seasoned Grill Wild Alaskan Salmon, Sweet Bourbon Atlantic and Wild Salmon, Steakhouse Tilapia, Butter and Herb Cod, Honey Butter Sole, and many other flavors. It also carries an expansive line of smoked salmon and other fish, as well as imitation crab and surimi. It operates a manufacturing facility in Motley, Minnesota, and a recently built and expanded 65,000 square foot seafood processing and distribution center in Plymouth, Minnesota.
About Rich Products
Based in Buffalo, New York, Rich Products supplies retail and foodservice channels with a range of products including bakery, pizza, snacks and cookies, as well as its SeaPak brand of frozen seafood. The company generates sales of more than $4 billion. SeaPak is one of the largest and most prominent frozen seafood brands in US supermarkets.
About City Capital Advisors
City Capital Advisors, a FINRA registered broker-dealer, is a results-driven investment banking advisory firm. Each of City Capital’s Managing Directors has more than 25 years of investment banking experience, offering clients judgment and transaction management expertise honed from successfully executing more than 500 merger & acquisition and capital raising transactions, collectively, over their professional careers. Our client engagements are managed exclusively by experienced senior investment bankers, allowing our business owner clients to realize maximum value for their companies, often exceeding their original objectives.