Mainebiz

W W W. M A I N E B I Z . B I Z 9 S E P T E M B E R 1 9 , 2 0 1 6 Good Shepherd gets $3M to buy food locally e Good Shepherd Food Bank was awarded $3 million by the Finance Authority of Maine to purchase locally sourced produce and seafood to be distributed to hunger relief programs across the state through its Mainers Feeding Mainers program. "Our farm partners are providing us with top quality, nutritious food for our neigh- bors in need," Good Shepherd Food Bank President Kristen Miale said in a statement. " is funding will allow us to expand our work with Maine farm- ers, putting money back into local com- munities and help us distribute health- ier options to families that are having trouble putting food on the table. It's a win-win for everyone." e fund- ing, which comes from the Fund for a Healthy Maine, was made available as a result of legislation titled "Resolve, To Facilitate the Distribution of Food Harvested in Maine to Residents with Food Insecurity" passed in the spring of 2016. e law requires FAME to con- tract with an organization that will pur- chase, process, store and transport fresh and fresh frozen fruits and vegetables and seafood harvested in Maine in Maine Venture Fund sells stake in Look's Gourmet W H I T I N G — Look's Gourmet Food Co. Inc. of Whiting completed a major invest- ment and partnership transaction with Sea Watch International of Easton, Md., giving Look's an undisclosed fi nancial infusion and giving local investor Maine Venture Fund its second portfolio company exit this quarter. "It's pretty exciting to see two exits in one quarter, one in July and one in September, but we don't expect to keep up that pace," Maine Venture Fund Managing Director John Burns told Mainebiz. Maine Venture Fund was one of the investors in Coast of Maine Organic Products, which was aquired in July by Gemini Investors of Wellesley, Mass. Burns said MVF invested $300,000 in a Series B round in Look's in 2007. A second Series B investor, SeaChange International Inc., plus other investors were involved in the sale, which closed on Sept. 2. "We're completely out of Look's," Burns said, adding that MVF saw an 11% annual internal rate of return on the deal. The full details of both exits were not disclosed. Look's, which has been doing business as Bar Harbor Foods, is a nearly 100-year-old company best known for its Bar Harbor and Atlantic brand prod- ucts of natural, sustainable seafood and food products like chowders. Burns said Sea Watch had been supplying the company with clams, so they've had a long-standing relationship. Sea Watch operates 35 fi shing vessels and four production facilities on the East Coast and is currently focused on food service and co-packing manufactur- ing and distribution. The new partnership with Look's lets Sea Watch expand into all natural, sustainable seafood retail grocery distribution. Founded in 1917, Look's assets were acquired by Michael Cote in 2003. Cote, now CEO of the company, was the 2010 Mainebiz Small Business Leader of the Year award winner. He will remain in his current role at Look's, according to a company statement. — L o r i V a l i g r a F I L E P H O T O / T I M G R E E N WAY Michael Cote, who acquired Look's Gourmet Food Co. in 2003, will remain CEO with the recent investment by Sea Watch International. C E N T R A L & W E S T E R N

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