Bahrain's Investcorp Buys US Gourmet Food Distributor
Investcorp has announced that it has acquired Fortune International, a super-regional specialty distributor of seafood and gourmet food products
Hazem Ben-Gacem, co-CEO at Investcorp.
Bahrain-based Investcorp has announced that it has acquired Fortune International, a 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, Investcorp said in a statement.
It added that Fortune has grown to become one of the largest seafood and specialty food distributors in the US.
Fortune distributes fresh seafood, frozen seafood and gourmet foods across the Midwestern US and has continually expanded its geographic footprint by acquiring specialty distributors in strategic markets.
“Specialty foodservice distribution in the United States is a highly fragmented, resilient and growing $40 billion market,” said Hazem Ben-Gacem, co-CEO 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.”
O'Scannlain added: "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.”
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.UAE Announces New Tax Rule
The UAE has announced a new waiver for tax fines in the country Read more
First Abu Dhabi Bank Powers Ahead With Record Q1 Numbers
Total income up 11 per cent to $2.4bn as net profit rises 23% to $1.4bn and profit before tax reaches $1.67bn; Total as... Read more
UAE To Launch Dirham-backed Stablecoin
Dirham-backed stablecoin launched in the UAE will enable simple digital payments Read more
Saudi Non-oil Exports Passed $137bn Last Year
Saudi Arabia recorded record non-oil exports in 2024 as national economy diversifies Read more
Crypto Market: Retail Participation In The Sector Predicted To See A Major Boost In Bitcoin As A Result Of Trumps IRS Overturned
Bitcoin prices shot up in early trading hours on Monday, April 28, to cross the $94,000 mark, touching $94,083 briefly,... Read more
Emicool Secures First-ever Green Financing To Boost Sustainable Growth
The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more