Sole Source Capital has completed a deal to acquire Lee Fish USA, an importer and value-added distributor of fresh and frozen seafood. Financial details were undisclosed.
Lee Fish becomes SSC’s third investment in the foodservice distribution space, following the 2018 acquisition of Individual FoodService and Worldwide Produce in 2019.
The firm focuses on founder-owned lower-mid market companies across a wide range of sectors and also specializes in corporate carve-outs, management buy-outs and special situations across North America.
Lee Fish sources more than 200 seafood species from a range of global suppliers that includes wild fisheries. The company has “semi-exclusive arrangements” in regions such as New Zealand, Australia and Japan, according to a statement.
The company operates out of a strategically located facility that is based less than one mile from Los Angeles International Airport, which allows for fast distribution times.
SSC closed the second iteration of its flagship SSC Partners fund at its $555 million hard-cap in 2021, surpassing its $400 million target.
Investors in Fund II included public and corporate pension funds, investment consultants, financial institutions, endowments and family offices from North America, Europe and Asia.
The firm’s portfolio includes a range of business from a diverse set of sectors, including Westwood Laboratories, which is a manufacturer of personal care and pet products, and Dallas Plastics, a manufacturer of polyethylene film.
“This transaction marks the firm’s third platform investment in the foodservice distribution space, following our investments in Individual Foodservice and Worldwide Produce, and we believe our expertise in this market will help drive significant value,” said SSC founder and CEO David Fredston in a statement.
SSC Partner and CIO Scott Sussman added: “Sole Source is actively looking for quality-focused seafood distribution add-ons that will expand Lee’s geographic presence and drive exceptional customer service.”