Thursday, August 3, 2017
Former Sobeys CEO, Marc Poulin, has been named executive chairman of a new $175-million Canadian seafood company.
Montreal-based private equity firm, Champlain Financial, has acquired Riverside Lobster International (a processor and exporter of lobster, scallops, herring roe and snow crab) and plans to merge it with its recently acquired Cheticamp Fisheries (a processer and exporter of snow crab, lobster and herring roe), an Under Current News report says
As one consolidated operation, Riverside and Cheticamp will represent annual sales of approximately $175 million, according to Ascendiant Capital Markets, which advised Riverside on the sale. Both seafood companies are based in Nova Scotia.
Riverside president and CEO David Deveau will remain in his position with "a meaningful stake" in the company, according to an Under Current News report. Pierre Leblanc will lead the Cheticamp operation.
“Both companies are strategically located in the most productive crab and lobster regions of the Nova Scotia Coast," said Poulin. "I am pleased to associate myself with this outstanding management team.”