There’s nothing fishy about this deal. (Actually, it’s extremely fishy, but only in the literal sense.)
Santa Monica Seafood has agreed to acquire most of the assets of Seattle Fish Co. of New Mexico Inc. The deal includes Seattle Fish Co.’s customer base and operating facilities, along with inventory, trade payables and receivables, intangible assets and vehicles and equipment. The acquisition is scheduled to close at the end of the month.
A sale price was not immediately disclosed. Seattle Fish Co. of New Mexico is No. 33 on Albuquerque Business First’s Largest New Mexico Private Companies List with $16 million in 2016 New Mexico revenue. According to the List, the company has 48 full-time New Mexico employees.
Rancho Dominguez, California-based Santa Monica Seafood recently announced the opening of a new packaging and distribution facility in Illinois. Santa Monica Seafood says the Seattle Fish Co. of New Mexico acquisition gives it coverage throughout the New Mexico and West Texas markets. Seattle Fish Co. of New Mexico will keep its name and will operate as a separate, stand-alone division of Santa Monica Seafood.
Roger O’Brien, president of Santa Monica Seafood, said in a statement that the company will maintain all of Seattle Fish Co. of New Mexico’s facilities and "hopefully all their existing personnel." Darrin Amador, vice president of sales for Seattle Fish Co. of New Mexico, will become senior vice president and COO and will report to O’Brien. Craig Risk, Seattle Fish Co. president and founder, will remain a consultant to the company for the next year to help ensure transitional success, according to a news release.
Why it’s significant
Seattle Fish Co. of New Mexico isn’t a household name in the state, but it’s a major, and unique, corporate citizen. I was blown away by what I saw when I toured the company for a profile in 2011. At the time, the company had about a million pounds of inventory on hand at any given moment, and made about four tons of specialized ice daily to keep the fish cool. What surprised me most was that it wasn’t as hard to run a major seafood company in a rural desert state as you might think. Risk told me then that frozen products typically arrived via commercial aircraft or ground transportation, going from the point of production to Seattle Fish in fewer than 24 hours. Fresh products were flown in from coastal areas and overseas.
More about Santa Monica Seafood
Type of company: Family-owned and operated
History: 79 years old
Properties: A 120,000-square-foot corporate office and main processing facility, plus additional satellite distribution and/or processing locations in California, Arizona, Nevada and Illinois