Martin Sullivan, one of the OCI founders and managers. (Photo: NEIA)

Ocean Choice International once more taken over by Canadian stakeholders

CANADA
Saturday, May 06, 2017, 01:00 (GMT + 9)

Seafood giant Ocean Choice International (OCI) has purchased a 49 per cent stake of its minority Icelandic partner, Landvis Canada Inc, which implies that its founders, Martin Sullivan and Blaine Sullivan, have taken over 100 per cent of the company.

“This transaction is another important positive milestone for the future of OCI as a leading global seafood supplier, and will give us much more flexibility to successfully carry out our growth strategy. This is a very exciting step forward for OCI, and illustrates our long-term commitment to the company, our customers, our employees and the communities in which we operate,” stressed Martin Sullivan.

For his part, Blaine Sullivan explained that throughout this process their employees, communities and customers have been incredibly supportive and can now look forward to the solid foundation this provides for their continued growth and leadership in the Canadian and global fishing industries.

The firm vertically integrates seafood harvesting, processing and marketing companies with operations throughout Atlantic Canada and sales and marketing offices around the world.

According to media sources, the rationale behind the buyout of the minority shares lies in the friction in the business relationship when Landvis Canada Inc. alleged OCI was being mismanaged and filed a lawsuit in 2015 to gain 100 per cent control of the company. Nevertheless, the OCI managers denied the existence of those issues, The Telegram informed.

"They were good partners most of the time. We spoke with [Landvis Canada] today and wished them all the best and they wished us all the best and we both carry on with our own companies now," they said, stressing that it is essential now to look to the future.

"We have to make some more investments into vessels and plants as the resource profile changes, more from shellfish to groundfish, that creates more opportunities for investment," they pointed out.

The OCI has five fish plants in Newfoundland and Labrador including Fortune, St. Lawrence, Bonavista, Port aux Choix and Triton, and another in Riverport, N.S. The company operates a fleet of six vessels.

 Related article:

- OCI wins legal battle against Icelandic company

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