...CounterPoint moved quickly and worked very hard to address every issue that came up. It was clear they understood the industry and that our company would be in good hands.
Los Angeles, CA (PRWEB) April 10, 2012
CounterPoint Capital Partners announced today that it has completed another acquisition in the California wetfish industry, acquiring substantially all of the assets of Qualy-Pak Specialty Foods, Inc. Financial terms of the acquisition were not disclosed.
Qualy-Pak has been family-owned and operated since its founding by Robert Cigliano over 30 years ago and is a leading processor of wetfish and other fresh and frozen seafood for distribution throughout North America, Asia, and Europe.
“This acquisition represents another important step in our continuing effort to grow our presence in the wetfish industry,” said Stephen Rossi, Managing Partner, CounterPoint. “Qualy-Pak’s strong brands, talented employees, and industry expertise in value-added wetfish processing are a great complement to our previous investments.”
“Selling Qualy-Pak was a very difficult decision for my wife and I,” said Mr. Cigliano, “but CounterPoint moved quickly and worked very hard to address every issue that came up. It was clear they understood the industry and that our company would be in good hands.”
Ocean Avenue Capital Partners partnered with CounterPoint in the transaction. “We are thrilled with CounterPoint’s acquisition of Qualy-Pak,” said Jacques Youssefmir, Partner, Ocean Avenue. “Qualy-Pak’s strong reputation and tremendous processing capabilities fit well with our strategy to grow our investment in the space.”
CounterPoint was represented by Rob Carlson of Paul Hastings LLP (corporate, M&A, and tax) and Matthew Wrysinski of Allston + Bird LLP (banking).
About CounterPoint Capital Partners
CounterPoint Capital Partners (http://www.counterpointcp.com) is a Los Angeles-based investment firm focused on acquiring lower-middle market companies headquartered throughout the United States and Canada with $10 million to $200 million in annual revenues. CounterPoint looks for complex situations caused by operational, succession, or financial challenges within a company or industry and, by developing a close partnership with management teams and other stakeholders, implements structural and operational improvements to put portfolio companies on a successful trajectory.
Qualy-Pak is a leading wetfish processor located in the Port of Los Angeles. Since its inception in 1978, the company has enjoyed a reputation as a leading global provider and value-added processor of highest quality seafood indigenous to California waters.
About Ocean Avenue Capital Partners
Ocean Avenue Capital Partners (http://www.oceanavenuecapital.com) is a Los Angeles-based investment firm focused on partnering with experienced managers to pursue investments in the special situations, niche private equity, and opportunistic credit space.