Glasgow-headquartered seafood processor Sco-Fro Group has been reeled in by Japanese conglomerate Nishimoto Co for an undisclosed sum.
Established in 1975 by founder and chairman Stanley Bernard, the business is one the UK’s largest importers of own-label noodles and frozen sushi and surimi.
It has a turnover of about £20m and predominantly supplies the major retailers in the UK.
Bernard will step down following the acquisition and continue in an advisory role during a transition period.
The business will continue to operate from Glasgow under the present management and staff.
“I am delighted that the business will be in safe hands and part of a much larger and highly reputable food group with a global reach and impressive range of products,” Bernard said.
Nishimoto is publicly listed in Japan and the group generates $1.6bn in sales, focusing on the supply of pan-Asian foods throughout Asia, the US and Europe.
The group acquired Sco-Fro through its Wismettac Harro Foods subsidiary, which is a wholesaler of Japanese food products to the UK restaurant industry.
Nishimoto said the acquisition of Sco-Fro presented “considerable opportunities” for both businesses to grow together, including through the sale of Nishimoto Wismettac group’s pan-Asian food product ranges to the UK retail channel.
Specialist investment bank Stamford Partners advised Sco-Fro on the sale.