Bolton Group, the Italy-based FMCG business, has reached an agreement with fellow tuna supplier Tri Marine of the US to acquire the remainder of the company.
Milan-based Bolton has held a “significant” minority interest in the Tri Marine global business since 2013 and will now take 100% ownership, according to a statement, with both parties agreeing not to disclose the terms of a deal that was first mooted in April.
Privately-held Tri Marine, which is engaged in the fishing, processing and distributing of tuna, will retain its name, while chief executive Renato Curto will continue to fulfil his role during a transition period.
Curto said: “This transaction ensures our growth and success well into the future. It places Tri Marine employees, partners, suppliers and customers in highly-capable hands. We can now focus on the group’s core business and continue to move in the direction that today’s world commands.
“I am proud of this transaction and know that Bolton is committed to our shared values of transparency, environmental and social responsibility, sustainability, quality and innovation.”
Tri Marine supplies retailers and foodservice channels and its brands include Ocean Naturals, Soltuna, Choice Landing and Soloman Blue, along with its own namesake line. It holds certifications from The Marine Stewardship Council and Fair Trade.
Tri Marine and Bolton are founding members of the International Seafood Sustainability Foundation, the main reference point for sustainable tuna fishing.
Marina Nissim, the CEO of Bolton, added: “We are proud of our long time partnership with Tri Marine and welcome the company into our family. We look forward to this exciting new chapter of providing customers worldwide with the highest quality, sustainably-caught tuna. We will continue to build on Tri Marine’s legacy in the industry.”