IRVINE, CA — Ascendiant Capital Markets, LLC (www.ascendiant.com) announced today the completion of the acquisition of its client, Riverside Lobster International, Inc. of Meteghan Center, Nova Scotia, Canada ("Riverside"), by Champlain Financial Corporation, headquartered in Montreal, Quebec, Canada ("Champlain").
Riverside 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.
The merger of Riverside and Cheticamp Fisheries, which Champlain acquired in May 2017, 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.
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."
Ascendiant Managing Directors, Avi Suriel and Gary Gooderum, led the Riverside transaction on behalf of Ascendiant, and also led the Cheticamp Fisheries transaction completed in May 2017.
Russel Jacob, a former Board of Directors member representing the controlling shareholder group prior to the completion of this transaction, commented: "The Ascendiant team did an exceptional job guiding my fellow shareholders and me through a very complicated process. We will look forward to working with Ascendiant's senior bankers on future projects."
David Deveau, President & CEO of Riverside, who will remain in his position with a meaningful stake in the company, commented on the transaction: "We are very pleased to have found a partner like Champlain through Avi's and Gary's efforts, and believe that Riverside's future with Champlain, including the combination with Cheticamp Fisheries, will be bright."
Ascendiant acted as the exclusive financial advisor to Riverside in this transaction. Aird & Berlis LLP, based in Toronto, Ontario, Canada, served as legal advisor to Riverside in the engagement led by partners Joel Rose and Joanne Coldwell. Champlain was advised on legal aspects by Fasken Martineau DuMoulin LLP's Montreal office, led by partner Jean-Sebastien Dugas, and on financial matters by KPMG LLP's Montreal office, led by partner Ralph Masella and Senior Manager Jean-Philippe Parent.
Ascendiant Capital Markets, LLC, based in Irvine, California, is a full-service investment banking, equity research, market making, and securities trading firm focused on public and private companies, and strategic and institutional investors. During their careers, Ascendiant's Managing Directors have successfully completed more than 250 corporate finance transactions and mergers & acquisitions across a broad range of industries. Ascendiant Capital Markets is registered with the United States Securities and Exchange Commission (SEC) as a broker-dealer, and is a member of the FINRA and SIPC.
For more information, please visit www.ascendiant.com.
Source: Ascendiant Capital Markets, LLC