Los Angeles, CA – CounterPoint Capital Partners announced that it has completed the simultaneous acquisition of Tomich Brothers Fish Company and Standard Seafood. Financial terms of the acquisition were not disclosed.
Tomich Brothers has been family-owned for over 75 years and is a leading processor of wetfish and other fresh and frozen seafood for distribution globally. Standard Seafood, established in 1967, is a seafood wholesaler and processor, sourcing fresh and frozen fish products from around the world for sale to customers regionally in Southern California.
"CounterPoint is honored to be a part of the next chapter in the tremendous history of Tomich Brothers and Standard Seafood," said Stephen Rossi, Managing Partner, CounterPoint. "They are great companies with strong brands, high quality products, and enormous potential. The businesses also have a superb management team, talented employees, and loyal customers. Now that we have an excellent platform for growth, we are looking forward to identifying additional opportunities to grow the business organically and through acquisitions."
Frank Tomich will continue to lead the business under CounterPoint's ownership. "I am thrilled to partner with CounterPoint," said Mr. Tomich. "Our industry is entering an exciting time of change and the CounterPoint team will give us the critical skills and resources to expand the business and position it for increased profitability."
Ocean Avenue Capital Partners partnered with CounterPoint in the transaction. "We believe CounterPoint is focused on a very attractive market niche that offers the opportunity to generate significant value through the application of their financial and operating expertise," said Jacques Youssefmir, Partner, Ocean Avenue. "We look forward to partnering with them in this transaction and future transactions."
CounterPoint was represented by Rob Carlson of Paul Hastings LLP (corporate, M&A, and tax) and Matthew Wrysinski of McGuireWoods (banking).
About CounterPoint Capital Partners
CounterPoint Capital Partners (www.counterpointcp.com) is a Los Angeles-based investment firm focused on acquiring lower-middle market companies headquartered throughout the United States and Canada with $10 million to $200 million in annual revenues. CounterPoint looks for complex situations caused by operational, succession, or financial challenges within a company or industry and, by developing a close partnership with management teams and other stakeholders, implements structural and operational improvements to put portfolio companies on a successful trajectory.
About Tomich Brothers
Tomich Brothers is a third generation family owned seafood company located in the Port of Los Angeles. For over 75 years they have been supplying the world with seafood indigenous to California waters. With offloading and processing facilities in Los Angeles and the Monterey Peninsula, Tomich has the capability and the experience to handle perishable fishery products to the highest standards.
About Standard Seafood
Established in 1967, Standard Seafood has been a privately owned seafood wholesaler for over 40 years. Based in San Pedro, CA, Standard purchases fresh and frozen seafood domestically and abroad for processing and distribution to a broad base of restaurants, fish markets, and stores located regionally throughout Southern California.
About Ocean Avenue Capital Partners
Ocean Avenue Capital Partners (www.oceanavenuecapital.com) is a Los Angeles-based investment firm focused on partnering with experienced managers to pursue investments in the special situations, niche private equity, and opportunistic credit space.
Source: CounterPoint Capital Partners