US equity firm Huron Capital invests in Aquamar and LM Foods
US-based equity firm Huron Capital has invested in Aquamar and LM Foods to form a new platform in the surimi seafood market.
The new Aquamar Holdings platform will be engaged in the production and distribution of crab-flavoured seafood to foodservice, food manufacturing and retail channels in the North American market.
Founded by Hugo Yamakawa and Taka Iwasaki in 1991, Aquamar produces frozen and refrigerated products.
Both Hugo and Taka will serve on the board of directors of the new platform, as well as intend to stay with the company and serve as the influential leaders in the business.
US-based LM Foods also produces frozen, private label surimi seafood products, which are offered under the Classic Bay brand.
LM Foods CEO Mark Olivito will spearhead the new platform and serve on its board of directors, and Iwasaki, Olivito and Yamakawa will hold a significant stake in the platform in partnership with Huron Capital.
Olivito said: “Aquamar and LM Foods have complementary capabilities that we think will fit together nicely and serve as a growth platform moving forward.
“We believe having manufacturing facilities on both US coasts will enable us to serve our customers better and continue to expand the combined business."
Founded in 1999, Huron Capital has raised more than $1.7bn in capital through six private equity funds and so far invested in over 140 companies, which includes business services, consumer products and services, and speciality industrials.