On July 26, 2017, it was announced that Canadian private equity firm Champlain Financial Corporation (Champlain) had acquired Riverside Lobster International, Inc. (Riverside), a leading branded seafood processor and wholesale distributor from Nova Scotia, supplying the finest quality lobster and scallops to customers in the United States and Canada, and 20 other countries in Europe, the Middle East and Asia.
This is the second seafood company Champlain acquires in 2017, following its acquisition of Cheticamp Fisheries International Ltd in May, also from Nova Scotia. The merger of Riverside and Cheticamp Fisheries International Ltd will create a global leader in the Canadian Maritime provinces seafood industry with combined revenues exceeding $175 million, and will consolidate its positioning in the $10 billion global crab and lobster industry.
Champlain’s seafood platform’s Executive Chairman, Marc Poulin, commented on the transaction, stating that "Both companies are strategically located in the most productive crab and lobster regions of the Nova Scotia Coast. I am pleased to associate myself with this outstanding management team, led by David Deveau at Riverside and Pierre Leblanc at Cheticamp, both experienced executives who enjoy a strong reputation throughout the industry." Riverside’s President and CEO, David Deveau, is also very pleased to have found a partner like Champlain and believes that Riverside's future with Champlain, including the combination with Cheticamp Fisheries, will be bright.
Fasken Martineau advised Champlain Financial Corporation in this acquisition with a team led by Jean-Sébastien Dugas that included Alexandra Lazar and Émilie Marceau.