Bolton Group International has formally inked a deal to take control of the core tuna business of Tri Marine, according to an internal announcement from Renato Curto, the CEO of the latter, seen by Undercurrent News.
In the announcement, dated July 5, Curto told Tri Marine staff the company has reached an agreement for the “sale and transfer of its global tuna supply business to our longtime partner and customer, Bolton Group”, which owns tuna brands such as Rio Mare in Italy, Saupiquet in France and Isabel in Spain. Bolton is also being linked to the sale process of the Canadian business of Bumble Bee Foods, which includes the Clover Leaf brand.
Undercurrent first reported the prospect of Bolton, which already owns just under half of Tri Marine, buying the rest of its main supplier earlier in the year. At the time, Curto then confirmed the deal talks with Bolton.
The deal is focused on the global tuna supply businesses of US-based Tri Marine, which includes its trading companies, processors and National Fisheries Developments, a fishing company in the Solomon Islands operating a fleet of purse seine and pole and line vessels.
Meanwhile, the deal will see the creation of a new business unit which Curto will “continue to separately own and lead as CEO”, according to the announcement, titled “A Bright Future for Tri Marine”.
This business unit will include Cape Fisheries, Samoa Fishing Management, Tri Marine Fishing Management, Tri Marine Fish Co., Conservera de las Americas, Samoa Tuna Processors, The Tuna Store, Baja Marine Foods. Pesquera Tri Marine and Tri Marine SA, Curto told staff.
“More information and guidance will be available after the transactions have closed,” Curto wrote.
The note describes Bolton, which is based in Milan, Italy, as an “ideal partner”.
“They believe in Tri Marine’s workforce and they value the world class tuna supply chain and trade business we have all built. Bolton’s focused approach to this transaction will include ensuring continuity and opening the door to new opportunities,” he wrote.
Building Tri Marine has been Curto’s “life’s work”, wrote Curto, who added he is turning 75 this year and has spent 46 years building up the company. The deal with Bolton is the result of several years of work to ensure a “suitable succession plan” for the company to ensure a “bright future for our business and especially for all of you”.
