St. Petersburg, FL, August 16, 2013 --(PR.com
)-- Newport International, home to Jack’s Catch® and Pacific Cove® brands of seafood products, announces that the membership interest of its owner and parent company, Newport Organization, LLC, has been sold by John P. McGeough to Sea Pride, LLC, a Texas based company.
"After 50 years at the helm of Newport International, Jack McGeough, the company’s founder, elected to put in motion his succession plan with the sale of his ownership interest in Newport Organization, LLC." said Alex Malaguti, Vice President of Marketing for the company.
Mr. McGeough will remain employed by Newport International as a consultant and he will concentrate on business development. Newport International, with no change in its ownership or operations, looks forward to its ongoing growth as a now vertically integrated forerunner in the seafood industry.
To support its growth, the company’s CFO, Thomas Smith, completed a financial restructure that significantly increased the company’s financial wherewithal.
Anjan Tharakan maintains his role as the company’s President, retains his ownership in the parent organization, and continues to enjoy the support of the long-tenured and highly experienced senior management team at Newport International.