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November 27, 2002   Email to Friend 

AMERICAN SEAFOODS GROUP ACQUIRES SOUTHERN PRIDE CATFISH CO.
Debra Davis
(334) 613-4686
November 27, 2002

"GREENSBORO, Ala., -" Southern Pride Catfish Company, Inc., a 17-year old Farm-Raised Catfish production and processing operating based in Greensboro, Ala. has announced an agreement to be acquired by American Seafoods Group, LLC of Seattle, Wash.

American Seafoods Group, LLC is the largest at-sea processor and a supplier of numerous seafood products and has a strong presence in the world seafood markets.

"I firmly believe that our determination to move forward in new and positive directions will generate sustained growth and opportunities for our community, our employees, our farmers and our company,"said Southern Pride president and owner, Joe Glover.

Established in 1986 with 38 employees, Southern Pride processed over 7 million pounds of farm-raised catfish in its first year. Today, the company employs more than 900 people and has annual sales in excess of $100 million. With processing centers in Greensboro and Demopolis, Southern Pride has become the largest processor of farmed raised catfish in the U.S.

"While in the process of forming a marketing alliance with American Seafoods International, an opportunity emerged," Glover said. "This opportunity came in an offer to create Southern Pride as an entity of American Seafoods Group."

The acquisition will allow all Southern Pride departments to remain in Grensboro and Demopolis under Glover as president, while sales and marketing activities for the company will continue to grow and expand under the direction of Randy Rhodes.

Currently, the sale of Southern Pride products, including fresh and frozen catfish and hushpuppies, spans the North American continent and into international markets.

"This acquisition will allow both companies to broaden marketing distribution, processing capabilities and product lines. It is a perfect fit for everyone involved," said Rhodes, vice president of sales and marketing.


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