Blue Harvest buys Hygrade Ocean Products

Blue Harvest Fisheries LLC, backed by Bregal Partners, has acquired Hygrade Ocean Products Inc. Financial terms weren’t announced. New Bedford, Massachusetts-based Hygrade processes and distributes scallops, cod, and other premium fish products. Dechert LLP served as the legal advisor to Blue Harvest, while Guggenheim Corporate Funding LLC arranged senior financing for the acquisition.

PRESS RELEASE

Blue Harvest Fisheries Acquires Hygrade Ocean Products
August 02, 2016 06:00 AM Eastern Daylight Time
NEW YORK & NAPLES, Fla.–(BUSINESS WIRE)–Blue Harvest Fisheries, LLC (“Blue Harvest” or the “Company”) has today announced the acquisition of Hygrade Ocean Products Inc. (“Hygrade”). Hygrade is a New Bedford, Massachusetts, based processor and distributor of scallops, cod, and other premium fish products.
By virtue of the acquisition, Blue Harvest will begin marketing and distributing Company-landed scallops, bluefin tuna, and swordfish directly to customers. With operations in Newport News, Virginia, and Fairhaven, Massachusetts, Blue Harvest owns a fleet of 15 scallop vessels and is an active participant in the bluefin tuna and swordfish fisheries.
“By vertically integrating, Blue Harvest can now provide its customers with greater product traceability, quality assurance, and variety,” said Mr. Jeff Davis, CEO of Blue Harvest. He continued by saying, “The acquisition of Hygrade is consistent with our strategy of building a vertically integrated premium seafood company.”
Scott Perekslis, Managing Partner and co-founder of Bregal Partners, stated, “We are pleased to have assisted Blue Harvest with this transformative strategic initiative.” Mr. Perekslis continued “Blue Harvest is a great example of our firm’s strategy; we seek to partner with seasoned management teams to build world class businesses.”
Mr. Davis concluded by remarking, “We are thrilled to welcome the employees of Hygrade to the Blue Harvest family. We expect to continue to expand our product portfolio to better serve our customers and we remain committed to sustainable, wild-catch fisheries.”
Dechert LLP served as the legal advisor to Blue Harvest, while Guggenheim Corporate Funding, LLC arranged senior financing for the acquisition.
About Blue Harvest Fisheries
Blue Harvest Fisheries, established in 2015, is devoted to the sustainable harvesting, processing, and marketing of MSC-certified premium Atlantic sea scallops and the sales and distribution of other premium seafood products. Blue Harvest is committed to harvest seafood from only well managed, sustainable fisheries and further strives to have all its seafood third party certified for sustainability. For more information on Blue Harvest Fisheries, please visit www.blueharvestfisheries.com.
About Bregal Partners
Bregal Partners is a private investment firm that invests alongside management teams to build industry-leading companies in the middle market. Areas of focus include energy services, consumer, food and retail, and healthcare. With $600 million of committed capital funded by a sixth-generation family foundation with roots back to 1841, Bregal Partners brings experience, stability, and a long-term outlook to all of its investment activities. Bregal Partners is part of Bregal Investments, a global family of private equity and fund investment vehicles that has invested more than $11 billion since 2002. For more information on Bregal Partners, please visit www.bregalpartners.com.