MONTREAL, May 23, 2017 – A group of investors led by Champlain Financial Corporation (“Champlain”) has acquired Cheticamp Fisheries International Ltd. (“Cheticamp”) and has also entered into a definitive agreement to acquire Riverside Lobster International Inc. (“Riverside”), creating a leading seafood company.
Cheticamp is a Cape Breton based snow crab processor and wholesale distributor, supplying customers throughout the U.S., Canada and Asia. Riverside, located in Meteghan River, Nova Scotia is a seafood processor and distributor, supplying the finest quality live and processed lobster and scallops to customers in more than 20 countries.
The merger of Cheticamp and Riverside, with combined revenues in excess of $175 million, will create a global leader in the Canadian Maritime provinces seafood industry and will enable its positioning for further consolidation in the $10 billion global crab and lobster industry.
Marc Poulin, formerly CEO of Sobeys and the incoming Executive Chairman of Champlain’s seafood platform, commented: “Both of these companies are strategically located in the most productive crab and lobster regions of the Nova Scotia Coast. I am pleased to associate myself with this outstanding management team, led by David Deveau at Riverside and Pierre Leblanc at Cheticamp, both experienced executives who enjoy a strong reputation throughout the industry”.
Champlain was advised by Fasken Martineau DuMoulin LLP and KPMG LLP. Cheticamp and Riverside were advised by Ascendiant Capital Markets LLC and Aird & Berlis LLP.
About Champlain Financial Corporation:
Champlain, a Canadian private holding company based in Montreal, has been building a diversified private investment portfolio since 2005, with a series of investments throughout Canada and the United States. Champlain’s core focus is to serve as a value-added partner in providing equity capital and growth management expertise to small and middle-market companies.
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