Portland seafood processor to be acquired by NY importer
FILE PHOTO / TIM GREENWAY
Peter Handy, president and CEO of Bristol Seafood, said the company’s acquisition by Mark Foods includes the Bristol Seafood brand and all 100 of its employees.
Bristol Seafood, a well-known presence on the Portland waterfront, will be acquired by Mark Foods, a seafood importer, processor and marketer based in New York City.
Terms of the deal, expected to close in August, were not disclosed in Monday's announcement.
Bristol is a seafood wholesaler and processor that specializes in locally caught products such as sea scallops and lobster.
Peter Handy, Bristol's president and CEO, will continue to lead category management for the species that Bristol is known for, including scallop, groundfish and value-added offerings. In addition, he will serve as Mark Foods' chief operating officer, join the company's board of directors and become a shareholder.
The Bristol Seafood brand will remain in place and all Bristol employees will join the Mark Foods team.
"I am proud of Bristol's 32-year history showing up as a steady and committed partner for its team members, customers and suppliers, while making a positive impact on our community and the environment,” said Handy. “With this transaction, we will be joining a company I have long admired in Mark Foods.”
Handy, a 2022 Mainebiz 40 Under 40 honoree, said that Bristol will continue operations.
Longstanding relationship
Bristol has a relationship with Mark Foods that goes back 10 years, Handy told Mainebiz.
“We have worked with Mark Foods in various forms and I have long been impressed with the way the team conducts business with the environment, customers and community at the forefront of their work,” he explained.
Bristol has been focused on its business and not necessarily on selling the company.
“We are proud of what we've built so far, and, quite frankly, I really love my job,” Handy noted. “That said, after working with the Mark Foods team, it became clear that together we could do more meaningful work than we could separately. The past few years have been very successful for us, and both companies are entering into this deal from positions of strength.”
Handy said the deal is good for Bristol.
“There is a lot to love about this deal — we have no planned layoffs because of this acquisition, we get to expand our capabilities here in Maine and we have the opportunity to serve our stakeholders better,” he added.
Handy called the deal “a tremendous step forward for two aligned companies working to make seafood better.
“This is a fantastic opportunity for us all and it was the right decision at the right time,” he said.
Bristol Seafood
Located at 5 Portland Fish Pier, Bristol was established in 1992 and became the first Fair Trade Certified seafood company in the U.S.
In 2021, it expanded its original, 30,000-square-foot facility with the purchase of an additional 7,993-square-foot facility nearby to support continued growth of its retail lines, with distribution throughout North America, and to bring more capacity and automation to the company.
With 100 employees, Bristol specializes in locally caught seafood such as sea scallops, mussels and lobster and also maintains relationships with fishermen abroad who provide products such as haddock from Norway and scallops from Japan. The facility has capabilities such as filleting, flash freezing, bagging and vacuum packing.
Bristol became a certified B Corporation in 2023.
Mark Foods
Mark Foods, founded in 2002, is an importer, processor and marketer of seafood products. It has relationships with seafood producers globally. It recently opened a sales office in Singapore to expand its sales effort into the Asia Pacific region. Through its joint venture processing facility in Orlando, Fla., Mark processes over 15 million pounds of value-added seafood offerings for retailers, chain restaurants and distributors.
“With the addition of Bristol, we will be able to support our customers with new categories, enhance our team, and expand our production footprint to include the Northeast region," said Barry Markman, Mark Food's CEO. "In addition, we are enthusiastic to explore Bristol's B Corp Certification and how we can bring these best practices and this certification to our company as a whole.”
Since 2020, Mark Foods has acquired Wilton, Conn., vegetable and marine oil supplier Arista Industries; Newport, R.I., seafood wholesale Endeavor Seafoods; and Openwater Seafoods in Orlando, Fla.
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