Wholesale Supplier of Frozen Bait Products Sold to Group of Private Investors
Founded in 1996, Cape Point Bait Co. has sold by way of MidStreet Mergers and Acquisitions to Jeff Matuszak and Vipul Adlakha. Serving over 500 bait and tackle retailers, commercial fishing vessels, and wildlife facilities around the Southeast and mid-Atlantic, the company's products are widely known and respected in the industry.
About the Company
Distributing over 100 different frozen fish and shellfish products, the company sells products under both the Cape Point Bait Co. brand, and distributes other well-known brands, such as Baitmasters of South Florida, Captain Salty, Lunds, and Tournament Master. Their best-known product is their shrimp, which is distributed in their iconic red-labeled cups.
How MidStreet Helped
Using MidStreet’s proven process, Cape Point Bait attracted more than 150 initial inquiries. Each buyer was then interviewed, and required to complete an NDA and personal financial statement. Ultimately, MidStreet prequalified approximately 50 buyers, who were then given access to the marketing materials.
The Perfect Buyers
The buyers, Jeff & Vipul, were looking for a company that couldn't be wiped out by Amazon overnight, with stable earnings and strong growth opportunities. With experience in business ownership and operation, the pair felt the company would be a great fit for their passion and experience.
"MidStreet is a top notch company with a top notch team. They recently sold a business to us and I was surprised how easy they were to work with and how much they were willing to go above and beyond a normal brokerage house."
- Jeffrey Matuszak
