Bregal Partners has acquired eight Virginia-based scallop vessels and related shore assets from the Peabody Corp. and formed Blue Harvest Fisheries LLC. Financial terms weren’t announced. TD Bank and Rockland Trust provided senior financing for the acquisition of Peabody’s assets and the formation of Blue Harvest.
NEW YORK–(BUSINESS WIRE)–Bregal Partners is pleased to announce its sponsorship of Blue Harvest Fisheries, LLC (“Blue Harvest” or the “Company”) in connection with the Company’s acquisition of eight Virginia-based scallop vessels and related shore assets from the Peabody Corporation.
Blue Harvest will be led by seasoned seafood executive Jeff Davis. Prior to Blue Harvest, Jeff served as the CEO of America Seafoods International, Baader North America Corp, and BlueAqua Seafoods. Seafood industry veterans Chris Lischewski, CEO of Bumble Bee, and Jonathan Thorpe, Chief Investment and Strategy Officer of the Central Bering Sea Fisherman’s Association, will serve on the Company’s board of directors alongside Jeff Davis.
“The North Atlantic Sea Scallop is the largest and highest quality scallop in the world,” said Jeff Davis. “The acquisition of Peabody’s well-maintained fleet grants Blue Harvest access to a world-class resource and will serve as a platform for the Company’s growth in the scallop industry. We view this transaction as a first step; we are actively seeking to acquire additional vessels to grow our fleet.”
“Sustainable fishing practices are of the utmost importance to Bregal Partners and our investors,” said Scott Perekslis, Managing Partner and co-founder of Bregal Partners. “The Atlantic sea scallop fishery is extremely well managed, as evidenced by its Marine Stewardship Council certification. We are excited to become involved in this important, valuable, and sustainable fishery, and we look forward to building on our more than decade-long relationships with Jeff, Chris, and Jonathan as we all work to support the continued growth of the Blue Harvest platform. Jeff’s role on the board of the Marine Stewardship Council gives us confidence that the Company will follow best-in-class industry practices.”
Jeff Davis concluded, “I have personally known the founders of Bregal for over 15 years and am very excited to work with them, Chris, and Jonathan on this new venture.”
Dechert LLP served as the legal advisor to Blue Harvest, while TD Bank and Rockland Trust provided senior financing for the acquisition of Peabody’s assets and the formation of Blue Harvest. Terms of the transaction were not disclosed.
About Blue Harvest Fisheries
Blue Harvest Fisheries is devoted to the sustainable harvesting, processing, and marketing of MSC certified premium Atlantic sea scallops. Blue Harvest is committed to harvesting seafood from only well-managed, sustainable fisheries, and further strives to have all its seafood third-party certified for sustainability.
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 $500 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 $9 billion since 2002. For more information on Bregal Partners, please visit www.bregalpartners.com.