Champlain Financial Corporation has acquired Riverside Lobster International Inc. and subsequently merged it with its recently acquired Chéticamp Fisheries International Inc.
Ascendiant Capital Markets, LLC acted as financial advisor and Aird & Berlis LLP served as legal advisor to Riverside. Champlain was advised by Fasken Martineau DuMoulin and KPMG LLP.
Meteghan Center, Nova Scotia based Riverside Lobster is a leading branded seafood processor and wholesale distributor, supplying the finest quality lobster and scallops to customers in the United States and Canada, and 20 other countries in Europe, the Middle East and Asia.
In May 2017, Montreal based Champlain Financial acquired Chéticamp Fisheries International Inc., a Cheticamp, Nova Scotia based branded seafood processor and wholesale distributor, supplying the finest quality snow crab and lobster to customers in the United States, Canada, and Asia. Ascendiant Capital Markets, LLC and Aird & Berlis LLP also served as advisors to Chéticamp Fisheries
The combination of Riverside and Cheticamp Fisheries will create a global leader in the Canadian Maritime provinces seafood industry with combined revenues in excess of $175 million, and will enable its positioning for further consolidation in the $10 billion global crab and lobster industry.
David Deveau, President & CEO of Riverside, will remain in his position with a meaningful stake in the company.
Marc Poulin, formerly CEO of Sobeys and the incoming Executive Chairman of Champlain’s seafood platform, commented, “Both companies are strategically located in the most productive crab and lobster regions of the Nova Scotia Coast. I am pleased to associate myself with this outstanding management team, led by David Deveau at Riverside and Pierre Leblanc at Cheticamp, both experienced executives who enjoy a strong reputation throughout the industry.”
photo credit: Riverside Lobster