Class VI Partners (“Class VI”, formerly known as “CapitalValue Advisors” or “CVA”) is pleased to announce the acquisition of Seattle Fish Company (“Seattle Fish”, “SFC”, or the “Company”) by Armand Agra, a subsidiary of Founders Group of Food Companies (“Armand Agra”, and “Founders”). “Class VI has been fortunate to work with James Iacino and the SFC leadership team for many years. We have had a chance to witness this Company’s culture in action, impact on our communities, and world-class leadership team excellently navigate the business through its headwinds over the years,” said Peter Bessone, Associate at Class VI. “To play a small role in this iconic Colorado Company’s journey was an honor and we are excited to see where Derek Figueroa and the Founders team will go next.”
“My family and I are thrilled with the job that Class VI did during the entire transaction,” said James Iacino, third generation owner of Seattle Fish Company. “They helped us through every aspect of the process, from laying out initial expectations to negotiating critical deal points with Armand Agra. Above all, the team at Class VI have become good friends of ours, and what we appreciated most is their down-to-earth, steady disposition and attitude. We know that the legacy of our family is in good hands, and credit Class VI with bringing two family organizations together to align and continue to best serve our employees, customers, and stakeholders.”
Seattle Fish Company President and CEO, Derek Figueroa, commented, “Seattle Fish Company could not have asked for a better partner than Class VI. Each deal is unique, and it is crucial to have a partner that has not just the expertise, but also the compassion to navigate the process. Class VI was this essential partner in our successful deal and played alternating roles that included trusted advisor, nuanced and tough negotiator, support partner, organizer, and even therapist. As a management team, we relied extensively on Class VI enabled by the integrity they operate with and trust that accrues as a result. I’m proud of the outcome that benefits our employees, the Iacino’s, our customers and Armand Agra.”
Figueroa continues, “Class VI also made the process fun, worked twice as hard as our team, and made the tireless nights, frustrating conversations, and endless work bearable.”
Founded in 1918 by the Iacino family and headquartered in Denver, CO, Seattle Fish (https://www.seattlefish.com/) currently supplies more than 1,400 restaurants and retailers, primarily located in the U.S. Rocky Mountain and Midwest regions with fresh and frozen wild-caught and farm-raised seafood. The Company is dedicated to fostering sustainable fishing practices, including supporting local aquaculture farms, as well as fishery improvement projects around the world, ensuring that seafood is a healthful protein that available for all, for generations to come. Seattle Fish is one of the founding members of the precompetitive Sea Pact collaboration, which seeks to drive sustainable practices throughout the U.S. seafood supply chain.
Derek Figueroa, current President & CEO of SFC, commented, “The investment by Armand Agra preserves the rich legacy of Seattle Fish while providing the resources, collaboration, and scale to grow our brand. For over 103 years, Seattle Fish Company has engaged with our partners to provide high-quality seafood throughout the U.S. Rocky Mountain Region and Midwest. I look forward to working with Armand Agra and our employees to deliver on our leadership aspiration to lead the growth of sustainable seafood consumption. Our commitment will be to continue the legacy started by the Iacino family, led and fed by our entire team, into the future.”
The Company will continue to operate under the Seattle Fish Company name under the umbrella of Armand Agra, a regional specialty meat and seafood distributor with locations in Reno and Carson City, NV and Seattle, WA. Armand Agra is the specialty meat and seafood arm of the Founders Group of Food Companies based in Vancouver, British Columbia, and is more specifically housed under Founders’ Purewater Foods platform, which is focused on building a family of related specialty seafood and meat businesses. This platform has been strengthened both through the acquisition of Seattle Fish as well as another recent acquisition by Founders of a custom meat processor based in Washington, Walt’s Wholesale Meats. As a result, the Purewater Foods platform currently consists of Armand Agra, Walt’s Wholesale Meats and Presteve Foods, an Ontario-based fish processor/distributor. The acquisition preserves the Seattle Fish 100-year-old legacy while immediately providing additional resources to allow for future growth plans.
The transaction closed on November 15th, 2021. Preeo Silverman Green & Egle, P.C. served as legal counsel to Seattle Fish.
Class VI provides middle-market investment banking services, including mergers and acquisitions advisory, corporate advisory, business valuation, and private capital raising services through its affiliate, Class VI Securities, LLC and Member FINRA. Class VI is also affiliated with and offers wealth management services through Class VI Family Office, LLC, a Registered Investment Advisor with the Securities & Exchange Commission.