Bristol Seafood lands $5M equity investment
The Portland-based Bristol Seafood LLC has raised $5 million through an equity offering, which company leaders say will allow expansion of its product line, distribution reach and the opening of a second production operation in southern Maine.
The Bangor Daily News reported that the company’s new investor is summertime Harpswell resident and Lewiston native David Roux, who is also a co-founder of the Silicon Valley private equity firm Silver Lake Partners. According to a filing with the Securities and Exchange Commission detailing the equity investment in early January, Roux is listed as a member of the company’s board of directors. The filing specifies that the $5 million came from one investor. CEO Darrell Pardy declined to disclose what portion of the company Roux now owns or other details of the latest investment detailed in the regulatory filing. Pardy told the BDN Roux was the company’s sole investor and that the two met through a mutual contact at KeyBank.
Bristol also reincorporated as a limited liability company in December, a move Pardy said was made to accommodate new growth strategies made possible by Roux’s investment.
Roux told the paper he was attracted to the investment because he liked the way Bristol runs its business and that he saw potential for growth in marketing high-quality and sustainably caught fish.
The company generated $40 million in sales last year, the paper reported, primarily from processing scallops and haddock sourced internationally and processed at its facility on Portland’s waterfront.
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