Sole Source Capital LLC (SCC), a private equity firm focused on industrial investments, has acquired Lee Fish USA, a company specializing in the import and distribution of fresh and frozen seafood. This is Sole Source's 40th deal since its foundation in 2016 and is the third investment in the food service distribution sector. The terms of the deal have not been published yet.
Scott Sussman, Partner and CEO of Sole Source Capital, said "Sole Source is actively looking for quality-focused seafood distribution. Add-ons that will expand Lee's geographic presence and drive exceptional customer service." That is precisely the opportunity SSC has seen in Lee Fish USA.
Lee Fish USA is an interesting company for several factors. It is specializing in providing over 220 species of premium seafood from a wide range of wild and farmed fisheries. Moreover, the company has established relationships and semi-exclusive agreements with suppliers from such desirable regions as New Zealand, Australia, and Japan. Additionally, Lee Fish USA operates from a facility strategically located. Their facilities are less than a mile from Los Angeles International Airport, which allows the company to offer the best ocean-to-table delivery times.
All these factors have helped to establish Lee Fish USA as a leading supplier of high-quality fresh seafood. On this basis, the Founder and CEO of Sole Source Capital, David Fredston, believed that their "expertise in this market will help drive a significant value."
Along the same lines are the words of Richard Adlem, the Founder of Lee Fish. "We are pleased to partner with Sole Source, whose team has a strong reputation for growing founder-owned businesses."
No further details of the agreement between these two major companies are known now. However, it is certain that together they can set very important benchmarks.
Sole Source Capital is a lower-middle market investment firm. They are specializing in private and founder-owned companies, corporate carve-outs, management buy-outs, and special situations across North America.
SSC commits a pool of capital and focus on a diverse range of recession-resistant industrial sub-sectors. SSC seeks partnerships are their principals and operating advisors can help management teams achieve their goals by providing certainty to close and fostering collaboration.
In 1957 Leigh Fisheries was a by pioneering families in the coastal village of Leigh north of Auckland. Today, the company is predominantly owned by private shareholders. It also has sister companies in Europe, the U.S., and Asia, which market and distribute seafood to wholesalers, restaurants, and supermarkets. They have also a joint venture company Lee Lobster, which forms the Lee Group.
Lee Fish USA has grown over the years to represent some of the most respected farmed and wild brands. They have a strong focus on innovative seafood of the highest quality from New Zealand, Australia, and the South Pacific.