|12 February, 2020

Investcorp acquires Fortune Fish & Gourmet, a leading seafood and specialty food distributor

Provides Catalyst to Capitalize on Fragmented, Growing and Resilient Seafood and Specialty Food Market

Investcorp acquires Fortune Fish Gourmet, a leading seafood and specialty food distributor

Partnership to Support Fortune Fish & Gourmet’s Expansion Across United States

Bahrain –Investcorp, a leading global provider and manager of alternative investment products, today announced that it has acquired Fortune International, LLC (“Fortune” “Fortune Fish & Gourmet” or the “Company”), a leading super-regional specialty distributor of seafood and gourmet food products. Terms of the transaction were not disclosed.

Fortune was founded in 2001 by CEO Sean O’Scannlain, who will continue to lead the Company and maintain a significant ownership stake. The Company has cultivated a loyal and diverse customer base through its commitment to sourcing the freshest, highest quality products and delivering industry-leading service levels. With a strong founder-led management team, Fortune has grown to become one of the largest seafood and specialty food distributors in the U.S.

Fortune distributes fresh seafood, frozen seafood and gourmet foods, offering more than 12,000 SKUs to fine-dining restaurants, grocery stores, hotels and other customers, primarily across the Midwestern U.S. The Company has continually expanded its geographic footprint by acquiring specialty distributors in strategic markets. In order to maintain operational flexibility, Investcorp and Mr. O’Scannlain have capitalized the Company with a conservative capital structure to fund a deliberate acquisition strategy and further accelerate Fortune’s geographic expansion.

“Specialty foodservice distribution in the United States is a highly fragmented, resilient and growing $40 billion market,” said Hazem Ben-Gacem, Co-Chief Executive Officer at Investcorp “We believe that Fortune is well-positioned to capture significant share with its unique platform as a scaled, specialty seafood enterprise delivering superior product quality and service across a wide breadth of products. We have a long history of partnering with founder-led businesses, and we look forward to working with Sean and his talented team over the coming years.”

Fortune operates a state-of-the art facility in Bensenville, Illinois, located in close proximity to Chicago’s O’Hare International Airport, which enables timely delivery of products across key Midwestern MSAs. In addition to its Bensenville facility, Fortune operates facilities in Minneapolis, Minnesota; St. Louis, Missouri; Kansas City, Missouri; Bayou La Batre, Alabama; Birmingham, Alabama and Picayune, Mississippi. 

Fortune Founder and CEO Sean O'Scannlain, stated, "We are proud of the business we have built over nearly two decades and we are excited to embark on this next phase. We are confident that Investcorp is the ideal firm to serve as our first institutional capital partner, given their deep understanding of the foodservice distribution market, alignment with our vision, and their strong track record of scaling businesses. With the support of Investcorp’s resources and expertise, we believe that Fortune will be well positioned to execute on management’s growth strategy by providing customers with the best quality products and expanding in core and adjacent geographies, while continuing to uphold our rigorous sustainability standards.”

Fortune Fish & Gourmet operates under a comprehensive seafood sustainability policy. This includes industry-leading standards for suppliers to ensure the sourcing and sale of environmentally and socially responsible seafood, as well as product donations to food assistance programs focused on eliminating hunger. Fortune Fish & Gourmet is MSC and ASC certified and is also a founding member of Sea Pact, an alliance of companies dedicated to improving the social, economic and environmental sustainability of global seafood supply chains. 

Investcorp has a deep history of collaborating with founder-led businesses and this transaction represents the firm’s fifth partnership with a U.S.-based founder-led business over the last two years. In addition, Investcorp has a long track record of investing in the supply chain and distribution industries with notable past investments including Berlin Packaging, FleetPride and American Tire Distributors. 

Houlihan Lokey acted as financial advisor to Fortune on this transaction.

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases