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October 18, 2021

PE firm ACON Investments buys seafood firms in Canada, US

Three processors are to be combined under a new entity, Atlantic Sustainable Catch.

ACON Investments has snapped up two seafood companies in Canada and one in the US.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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The private-equity firm has bought Canada-based Suncoast Seafood and Raymond O’Neill & Son Fisheries, as well as US group Northern Wind. Financial terms were not disclosed.

ACON Investments is to bring the businesses together to create a new company, Atlantic Sustainable Catch (ASC), which spans five sites across New Brunswick and Massachusetts.

Adam Kriger, executive partner at ACON Investments, said: “Consumer demand for sustainable, high quality, great-tasting, good-for-you proteins continues to explode. ASC and its suppliers and customers are ideally positioned to meet these growing needs.”

Almost 600 staff work across the combined entity, which will process and sell scallops and lobster to the retail and foodservice markets.

In a statement announcing the move, the buy-out house said: “Existing owners and management teams of all three businesses will continue to provide leadership to the platform and will be meaningful shareholders and partners alongside ACON.”

Luc Doiron, the owner of Suncoast Seafood and now the president of ASC’s Canadian operations, described the deals and the formation of the new company as “the catalyst for growth that our industry needs”.

He added: “We see tremendous opportunity in our partnership with ACON and these two outstanding businesses to increase our production while continuing to provide the high-quality products that our customers have come to expect from us.”

Just Food has asked for further information on ASC’s sales and profitability, the make-up of its ownership and ACON’s plans for further M&A.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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