Acadian Supreme has purchased the fish plant in Abrams Village that was owned by the Acadian Fishermen's Co-Op.
Although the sale covers the plant, processing equipment and trucks, the Acadian Fishermen's Co-op still exists and will continue to sell its product to the plant.
Jeff Malloy, the general manager and CEO of the Acadian Fishermen's Co-op plant, will remain in that position with Acadian Supreme.
"All the staff that has presently been working for Acadian will remain working," assured Malloy.
"You know, we hope to be able to expand operations as far as being able to do a little more product and put a little more investment into the operation."
The P.E.I. cabinet approved the sale of the Acadian Fishermen's Co-op assets on Jan. 26.
As part of the purchase, Acadian Supreme has repaid a $2 million working capital loan advanced by the P.E.I. Century 2000 fund in 2014 to the Acadian Fishermen's Co-op, according to provincial officials.
The Century Fund also advanced a $3 million loan to Acadian Fishermen's Co-op in 2015 as part of a restructuring of the co-op's debt.
The cabinet order reflects the fact that that Acadian Supreme has assumed this debt and will continue to repay this loan.
The Century Fund has also retained all of its previous security for the loan, including assets such as the plant and equipment.