Fortune Fish to acquire Coastal Seafoods
BENSENVILLE - Fortune Fish & Gourmet, A purveyor of quality seafood, meats, and gourmet products, said it will acquire Coastal Seafoods, a Minnesota-based seafood purveyor and retailer.
Terms of the acquisition were not announced.
Already one of the nation's largest seafood and specialty food distributors, the acquisition will expand Fortune's service footprint to Minnesota, Nebraska, North Dakota, South Dakota, and areas of Northern Iowa and Northern Wisconsin.
Originally started in 1981 as a wholesale seafood company by owner Suzanne Weinstein, Coastal Seafoods serves more than 300 restaurants and retail stores within a five-state area. Coastal also operates two retail outlets in Minneapolis and St. Paul, Minnesota. The company will be rebranded with the Fortune Fish & Gourmet name, and Weinstein will serve as a consultant.
The retail stores will continue to operate under the Coastal Seafoods brand name.
"Coastal Seafoods' success over the last 35 years is due in part to our incredibly special team, and I am delighted that they can all continue their careers and growth with Fortune," said Coastal Seafoods owner Suzanne Weinstein. "Fortune Fish & Gourmet is the right company to continue what we have built, while expanding our offerings and presence in the market."
Fortune will continue to operate the business out of the Coastal Seafoods Minneapolis facility. The current facility will be transitioned to Fortune Fish's bar-coding inventory system in the next two to three months for uniformity and efficiency.
"In growing our footprint in the Midwest, we wanted to find a company that shared our commitment to customer service, quality products, and seafood sustainability," said Sean J. O'Scannlain, Fortune's President and CEO. "We greatly admire the outstanding legacy that Coastal Seafoods and Suzanne Weinstein have built over the last 35 years, and are excited to introduce our complete line of gourmet products to Coastal's Midwest distribution area."
It is the third acquisition for Fortune Fish & Gourmet in the last four years. JDY Gourmet was purchased in 2012 and the company acquired Chef Martin Old World Butcher Shop Sausage in 2014. The Coastal Seafoods purchase is expected to close at the end of the month.