On March 13, 2024, Phillips Foods Inc., through an affiliate, won the bid to acquire assets of South Shore Seafoods Group (SSS) during a CCAA restructuring, with GT Securities as the financial advisor. SSS, a significant seafood processor in Canada and the U.S., faced financial challenges, leading to restructuring. This acquisition allows Phillips, a global seafood leader with a 100-year history, to expand in Canada, complementing a recent snow crab facility purchase in New Brunswick. The deal enhances Phillips’ procurement and processing capabilities, supported by SSS’s established operations and experienced management. GT Securities, led by Avi Suriel and Jeff Dillman, facilitated the complex transaction, emphasizing its potential to transform the Maritimes seafood industry with innovative products. Legal advisors included Aird & Berlis for Phillips and Deloitte as the court-appointed monitor for SSS, with financing structured by the Bank of Montreal. The transaction is seen as a strategic move for Phillips to dominate in Canada’s seafood market, leveraging new technologies and market reach.