Sector News

US Foods to buy seafood company

October 21, 2016
Consumer Packaged Goods

US Foods has agreed to acquire Save On Seafood, a seafood processor and distributor in St. Petersburg, Fla. The transaction is expected to close on Oct. 28. Financial terms of the acquisition were not disclosed.

Save On Seafood has annual sales of more than $80 million, US Foods said. The company provides fresh and frozen seafood to restaurants and grocery stores throughout the Southeast United States.

US Foods will operate out of Save On Seafood’s facility, which employs 170. Gib Migliano, owner and president of Save On Seafood, will maintain his role as the company becomes a US Foods subsidiary and part of US Foods’ Stock Yards organization.

“Seafood sales continue to rise throughout the Southeast, and with Save On Seafood we are able to expand our fresh and frozen seafood offerings to our customers in these markets,” said David Norton, president, Stock Yards, US Foods. “With over 30 years in business, the great team at Save On has built a reputation for exceptional customer service, consistency, standards of operations and safety and we are excited to work together to continue delivering the fresh, high quality seafood our customers want.”

US Foods has been expanding its reach through acquisitions since last December. Save On Seafood is the company’s fifth acquisition within the past year. US Foods acquired Jeraci Foods earlier this month, Freshway Foods in May, Carra Donna Provision Co. in February and Dierks Waukesha last December.

By Rebekah Schouten

Source: Food Business News

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