Seaway Valley Capital Corporation (SWVC.OB) announced that the company has executed a term sheet and is currently in final negotiations to acquire a regional hospitality company. Specifically, this company specializes in consumer products and is based in the Upstate New York region. Furthermore, this company has gross assets of approximately $13 million and revenues of $5 million.
Thomas Scozzafava, CEO of Seaway Valley, stated, “This acquisition, if consummated, would be strategic to Seaway Valley on a number of fronts. In addition to the management team that would join Seaway Valley, tremendous opportunities exist for cross selling and promotional efforts among and between these geographically clustered assets.”
Mr. Scozzafava added, “Additionally, certain of these assets represent a tremendous platform that Seaway can immediately assist in positioning for growth inside and outside the region – both organically and through additional acquisitions.”
Recently, Seaway Valley acquired Patrick Hackett Hardware Company – a leading company operating nine stores in St. Lawrence, Franklin, Oswego, Madison, and Jefferson counties, all located in northern and central New York.
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