LM Foods LLC

To facilitate the acquisition of the business real assets of a seafood processing facility in Carteret, NJ.

The $3,825,000 Million 504 loan facilitated the $4.5 Million acquisition of business real estate assets of a manufacturer of surimi (Japanese for “ground meat”) seafood products made from Alaskan Pollock and Pacific Whiting fish. Surimi is an inexpensive source of protein that imitates the texture and taste of a more expensive product like a lobster tail. Products include fish flakes, fish sticks, fish chunks, imitation shrimp and kosher products. The company also has sales to Canada, UK and Mexico. The 504 loan program was used in conjunction with the 7A loan program to finance this $12 Million acquisition.

The Alaskan Pollock, one of the most abundant food fish in the world that lives in the North Pacific Ocean, Bering Sea and Gulf of Alaska, is used in McDonald’s fish sandwiches. Pacific Whiting is most commonly used in the production of surimi. LM Foods is the only seafood processor on the East coast and the only domestic processor of kosher product.

This manufacturing facility was originally constructed and owned in 1995 by LG Corporation, a large South Korean Multinational conglomerate. The company, with 60 employees, operates from a 71,757 sq ft facility in Carteret, NJ, including a 6,530 sq ft freezer space has a 5 –7 % market share.