San Francisco, CA and Augusta, ME — The Sea Change Investment Fund, LLC and the Small Enterprise Growth Fund jointly announce an investment in Look’s Gourmet Food Company, Inc. to continue the company’s rapid growth and to strengthen its ties to Maine’s local community and environment.
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Look’s two premium brands, Bar Harbor® and Look’s Atlantic®, are widely available at nationwide natural, specialty, and conventional retail chains. Funds from this financing round will accelerate retail distribution, as well as the development of new products containing sustainable seafood that are hand- crafted by local Maine residents.
“Sea Change believes the company’s adherence to simple, all-natural ingredients resonates with consumers who are seeking authentic, gourmet experiences,” said Jason Winship, Managing Principal of Sea Change. “We’re extremely impressed with Mike Cote’s leadership and the company’s commitment and contributions to sustainable fisheries in Maine.”
John Burns, Fund Manager of SEGF, also praised the company’s commitment to providing sustainable employment opportunities for the residents of Maine. “Look’s Gourmet is a leader in Maine’s aquaculture and prepared foods sectors, and has done a wonderful job of promoting the State’s values through its broad distribution network. The rapid growth and success of Look’s will bring more job opportunities and economic stability to one of Maine’s most rural counties.”
Mike Cote, the company’s President and CEO, has confidence in the quality and structure of the funding he has obtained. “Attracting capital to propel our continued growth was not an issue; attracting partners with the right balance of social, environmental and sustainability values for our natural resources proved a greater challenge. Sea Change and the Small Enterprise Growth Fund fully embrace our company goals and charter to provide economic development and employment opportunities in and around Washington County. Of equal importance is our partners’ alignment with our mission to provide consumers everywhere with the highest quality, healthy, and sustainable seafood products.”
Look’s Gourmet Food Company, Inc. hand-crafts and hand-packs its all-natural, specialty seafood products in small batches, the way people on the Maine coast have been doing for generations. The company’s line of premium seafood chowders, bisques, and sauces are inspired by traditional, authentic New England recipes. Look’s seafood meats, which include Maine-certified lobster, clam juice, and wild herring and mackerel, are well-known for their premium quality distinction. For more information, please visit www.barharborfoods.com.
The Sea Change Investment Fund is a double-bottom line venture capital fund focused on stimulating the market for sustainable seafood. Through its investments, Sea Change intends to generate conservation benefits to improve the health of fisheries and the marine environment, in addition to financial returns for its investors. Launched in March 2005, the Fund is capitalized with a $10 million program-related loan from the David and Lucile Packard Foundation, matched by a $10 million private equity investment. For more information, please visit www.seachangefund.com.
The Small Enterprise Growth Fund is an $8 million evergreen fund that was established by the Maine Legislature in 1996. Its mission is to encourage economic growth in Maine by supporting creative and viable companies that demonstrate a potential for high growth and public benefit. For more information, please visit www.segfmaine.com.