Santa Monica Seafood acquires JV partner in Ethos Seafood Group in US

US-based Santa Monica Seafood has bought out its joint venture partner’s equity interest in Ethos Seafood Group.

The financial details of the deal have not been disclosed.

With this acquisition, Santa Monica Seafood now owns 100% of Ethos Seafood.

Santa Monica Seafood president and CEO Roger O’Brien said: “With this transaction now complete, all of our divisions and operations are now fully owned. Since Santa Monica Seafood has historically provided all operational and administrative support for Ethos Seafood, this transaction should have no noticeable effect on daily activity and operations.”

Ethos Seafood is engaged in developing and retailing pre-packaged, chilled seafood products to retail outlets.

Ethos Seafood currently distributes pre-packaged, case-ready fresh seafood to 21 states in the US through its locations in Chicago and Los Angeles.

The company also manufactures seafood products with rubs, sauces, and butter, which are ready to heat and eat.

Following the completion of the deal, Santa Monica Seafood board chairman and executive vice-president Michael Cigliano will serve as the president of Ethos Seafood.

Cigliano said: “Pre-packaged seafood not only allows for easy handling, it is responsive to retailers’ and customers’ need to minimise touchpoints and their time in stores.”

Going forward, Ethos Seafood will be named as ‘Santa Monica Seafood – Value Added Products Division’ (SMS-VAP Division).

Santa Monica Seafood said SMS-VAP Division has also completed tenant improvements in order to expand its facility in Chicago to 47,000ft² to enable expanded packaging lines and freezer space.

SMS-VAP Division’s skin-pack operations, which is located within Santa Monica Seafood’s 120,000ft² production facility in Los Angeles, will also be adding extra space this year to include additional packaging lines.