Catalano Seafood dining out on rich east coast retail contract wins
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Just like the incoming tide at Cottesloe Beach, the newly-listed West Aussie seafood gurus at Catalano Seafood (ASX:CSF) just caught another wave toward their plan to be a major player in the Aussie seafood industry.
In an update to the market, CSF revealed it’s nailed another string of new supply agreements with three independent retail groups, continuing an incremental incursion into the lucrative east coast seafood market.
CSF has closed deals with Reddrop Group, Lorenz Group’s IGA stores and Ryan’s IGA Supermarkets group in a deal which CEO Nick Catalano tells Stockhead will initially comprise seven stores in seafood-hungry suburban Melbourne and seafood-starved regional Victoria.
Catalano says these are the first Victorian retailers to enter into supply agreements with the West Australian supplier.
Each group runs their own squadrons of suburban and regional supermarkets under various brands. The deal with Reddrop Group – Victoria’s second-largest independent supermarket operator – starts with a flagship store in Mansfield, northeast of Melbourne.
However, Catalano says that CSF has the opportunity to lock down supply agreements with Reddrop’s flotilla of 22 stores up and down Victoria under the FoodWorks, Go To Grocer and IGA brands.
Catalano says the agreements are another important step in Catalano Seafoods’ national
expansion plans and its strategy to bring the tasty goodness of WA’s world-leading seafood into the east coast market.
“We’re naturally very pleased to have secured these agreements with three of the most respected, independent supermarket operators in the country,” Catalano said.
“These operators align perfectly with the Catalano’s brand and holistic supply solutions, which are focused on providing high-quality Australian seafood to discerning consumers east or west, north or south,” he added.
CSF is also continuing its expansion in WA, where the name is synonymous with the tang of tartare sauce, since the family run business set up its first fish and chip shop back in 1969.
Catalano told Stockhead CSF also just signed up another agreement for its cutting edge Seafood Management System (SMS) with the independent retailer, SUPA IGA at Waterford. He says it’s the second WA store to feature the unique fresh product delivery system, after it was rolled out at Winthrop Gardens IGA earlier this year.
After feeding fish to Aussies for over 50 years, CSF nailed its Initial Public Offering (IPO) and only listed on the ASX back in March this year, carefully making the transition to a public company with the same diligence and patience Nick and his father have always applied to the company which bears their name.
Catalano says for now CSF will focus on the processing, packaging and supply of goodly seafood products – responsibly sourced Aussie seafood – while providing its SMS system to help retailers cater for every stage in the seafood value chain.
This article was developed in collaboration with CSF, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.