We are seeking a joint venture partner for an existing seller of fresh seafood to 50 plus sushi restaurants in the Minneapolis / St Paul area of the USA
· Proceeds will be used to purchase a 19,000 sq. foot Cold storage building currently for sale. Asking price is $1.3 million. The property is fully licensed and operational as a refrigerated and frozen food storage facility with a prep room for breaking down the inventory for sale. Funds above the purchase price will be working capital for seafood business.
· The USA partner currently has about $2.3 million in sales to restaurants. They are supply constrained by their current employer and also have very poor customer service from owner (delays in delivery which does not work for restaurants.) Sales rep has a very strong relationship with restaurants. New supply chain has been identified and has agreed to supply if the sales rep becomes an independent supplier. Working capital above building cost is required for employees, trucks, operational expenses and inventory. Building is turn-key for this situation.
· The Mpls / St Paul market is under served and it is the belief of the sales rep that if consistent supplies can be provided, revenue could be tripled within five years through deeper penetration of current service area. Currently only fresh fish is being provided. Frozen seafood and produce can be add-on product sales to existing clients. Target building has excess capacity to expand into.
· This is a rush situation as the building is for sale could sell at any time.