PE-backed Aquamar buys Shining Ocean

Aquamar, which is backed by Huron Capital, has acquired Shining Ocean, a surimi manufacturer. No financial terms were disclosed.

PRESS RELEASE

DETROIT, Mich. (Dec. 10, 2021) — Leading lower-middle-market private equity firm Huron Capital Partners (“Huron Capital”) announced today that Aquamar Holdings (“Aquamar”) has acquired Shining Ocean, Inc. (“Shining Ocean”). The transaction significantly increases the platform’s scale and further diversifies its seafood market offerings.

“We are excited to add Shining Ocean’s business to our portfolio,” said Aquamar CEO, Daryl Gormley. “With this strategic partnership, we significantly expand branded seafood products for our current customers and leverage our investments in innovation and diversification of the raw material supply across a broader footprint.” Shining Ocean was previously a subsidiary of True World Group, a global conglomerate of seafood manufacturing and distribution. Founded in 1985, Shining Ocean is a top-five surimi manufacturer in the country.

“We couldn’t have found a better partner to shepherd our business than the team at Aquamar,” said Robert Bleu, President of True World Group. “The combination of Aquamar and Shining Ocean will greatly benefit our customers, and we wish them nothing but success going forward.”

“Shining Ocean has been a dependable performer for us for 36 years, and we will miss the team members from our group,” Bleu added. “However, this sale allows us to focus on our core food distribution business and our very successful retail concepts, including plans to launch the biggest Asian Food Hall in America in the coming year.”

The addition of Shining Ocean strengthens Aquamar’s existing surimi lineup, adds additional branded products, and provides new opportunities for innovation in the seafood market. Aquamar has strengthened its position at a time where consumer interest in, and consumption of, seafood remains robust.

“We continue to see growing demand in the seafood manufacturing and branded product spaces,” said Huron Capital Vice President, James Dickinson. “We look forward to offering Shining Ocean’s innovative products as we continue to grow the Aquamar platform.”

About Huron Capital
Founded in Detroit in 1999, Huron Capital is an operationally focused private equity platform with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. An early pioneer of the buy-and-build approach, Huron Capital has successfully raised six private equity funds aggregating nearly $2.0 billion in committed capital and invested in over 240 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the Firm’s operational approach to creating value. Huron Capital focuses on niche segments within commercial & industrial services, professional services and the consumer services sectors. For more information, please visit: www.huroncapital.com.