Tokyo, Japan-headquartered Marubeni Corporation announced on February 26 that it has an agreement to acquire Eastern Fish Company (EFC), a Teaneck, New Jersey, USA-headquartered distributor of frozen seafood products. Established in 1974, it ranks as one of the largest shrimp importers in the United States, and has long-term business relationships with major retail chains and foodservice operators in North America.
“Worldwide shrimp consumption has been increasing in recent years, and the acquisition of EFC will increase Marubeni’s sales of shrimp in Japan and the USA to the equivalent of ¥50 billion (approximately US $489),” said the company in a prepared statement. “With larger volume purchases (enabled by the acquisition of EFC), Marubeni can get better pricing and strengthen its relationships with major shrimp producers in Asia and South America.”
Even with the tight shrimp supply caused by the impact of EMS shrimp disease in recent years, the company believes it will be able to a secure steady supply of shrimp for the Japanese market. Furthermore, the EFC acquisition will expand Marubeni’s sales of other seafood items, including salmon.
Eric Bloom is president and chief operating officer of Eastern Fish, which sells lobster, crabs, scallops, squid, tilapia and other fishery products in addition to shrimp. It reportedly imports between 60 and 70 million pounds of shrimp per annum, sourced primarily from suppliers in Latin America and Asia.
Marubeni has been hot on the acquisition trail in recent years. In 2011 it purchased Alaskan Salmon processor Red Salmon, part of North Pacific Seafoods, Inc. In 2012, Ambacht, Holland-headquartered Welmar Europe BV was acquired, and last year a strategic alliance was entered into with Seafresh Industry Public Company, a major shrimp processor in Thailand.
Once the acquisition of EFC is completed, Marubeni intends to build a global sales network covering Japan, Europe and United States. It will enjoy strong relationships with producers in Alaska, Asia and South America, and cover the entire value-added chain from production to sales of finished products.
Meanwhile, it is expected that Eric Bloom will continue to run Eastern Fish after the deal is consummated. In addition to the company’s headquarters sales team in New Jersey, it has sales offices in Massachusetts, Florida, California and Washington state.
