Presteve Foods Ltd, the debut investment of Canadian family office Tricor Pacific Founders Capital, has acquired La Nassa Foods Inc, a Kingsville, Ontario freshwater fish processor and distributor. No financial terms were released. La Nassa will as a result form part of Wheatley, Ontario’s Presteve and be held by Purewater Foods Inc, a specialty protein investment platform created by Tricor Founders. Ulysses Pratas, Presteve’s founder and president, said the deal will help make the company a leading North American supplier of wild, freshwater fish and other specialty seafood. Last November, Tricor Founders acquired home meal replacement company Fresh Selections Inc.
Presteve Foods Acquires La Nassa Foods
Wheatley, Ontario – On February 8, 2017, Presteve Foods Limited (“Presteve”) successfully acquired La Nassa Foods Inc. (“La Nassa”), a leading processor and distributor of freshwater fish in Canada. Founded in 1986 and based in Kingsville, Ontario, La Nassa processes and distributes fish caught from Lake Erie and supplies whole fish and fillets (fresh and frozen), to food service distributors, wholesalers and retailers across North America.
Presteve is owned by its President, Ulysses Pratas, and Tricor Pacific Founders Capital Inc. (“Tricor Founders”), a Canadian, family-backed investment firm. La Nassa will become part of Presteve, and both will be held by Ulysses Pratas and Purewater Foods, a holding company 100% owned and funded by Tricor Founders, formed specifically to make Tricor Founders’ investment in specialty protein companies.
La Nassa’s Tony Giacalone, said about the partnership, “We found the right partners in Presteve Foods and Tricor Founders. Presteve is the leader on the Great Lakes, and we will be stronger together in creating a good living for the fishermen of the Lakes and in serving our customers better and better.”
Presteve’s Founder and President, Ulysses Pratas who has over 30 years of experience in the Great Lakes Fishery, said about the new combined company, “We are thrilled to bring La Nassa together with Presteve, continuing in our effort to become the leader in North America of unique, wild, freshwater fish, and other specialty seafood, and make their sources famous.”
Richard Harris of Tricor Founders said about the transaction, “The investment is consistent with our strategy of making control investments in food and other consumer packaged goods businesses, with EBITDA of $3 to $10 million, across the Mid-West and Western USA and Canada. La Nassa is a substantial acquisition for Presteve, which, together with earlier acquisitions, more than doubles the size of the company compared with just two years ago. The specialty protein industry is an attractive market, into which we’re keen to grow and build additional capabilities. We hope to make further acquisitions of specialty protein businesses over the next few years, either through Presteve or separately as part of our holding company, Purewater Foods.”
Collins Barrow provided transaction advisory services to Tricor Founders, Bryan & Company acted as solicitor to Tricor Founders, and Bank of Montreal provided financing.
More Information on Presteve – Presteve Foods Limited is one of North America’s largest vertically integrated freshwater fish sourcing, processing, sales and distribution companies based in the Great Lakes. The company supplies fresh and frozen fish in a variety of formats, including round, dressed, filleted, or seasoned & battered, to wholesalers, distributors and retail customers in the U.S., Canada, Europe and Asia. For further information, please visit www.prestevefoods.com.
More Information on La Nassa – La Nassa Foods Inc. is a market leader in the processing and distribution of freshwater fish in Canada. Based in Kingsville, Ontario, the company processes and distributes fish caught from Lake Erie and supplies whole fish and fillets (fresh and frozen), to food service distributors, wholesalers and retailers across North America. For further information, please visit www.lanassafoods.com.
More Information on Tricor Founders – Tricor Founders combines over 25 years of private equity experience in over 75 companies with deep operating knowledge. It does not manage institutional capital, but rather invests its partners’ own capital and focuses on applying operating know-how in order to build thriving organizations over the long term. Tricor Founders believes it is a unique buyer that combines a respect for the founder, an industry-focused investment strategy, industry-specific operating expertise, a long track record of transacting with certainty, together with a longer term investment horizon of 15+ years. For further information, please visit www.tricorfounders.com.
For more information, please contact:
– Ulysses Pratas, President of Presteve Foods – [email protected]; (519) 825-4677
– Richard Harris, Managing Director of Tricor Founders – [email protected]; (604) 646-4372
Photo courtesy of Presteve Foods Ltd