Seaport Entertainment Group acquires full interest in Fulton Seafood Market

Seaport Entertainment Group Inc. (NYSE:SEG), currently trading at $19.92 and showing a notable 9.75% gain over the past week, announced that on June 30, 2025, its indirect subsidiary, Seaport Entertainment Operations, LLC, acquired 100% of the membership interests in Fulton Seafood Market, LLC. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 9.94, though it faces profitability challenges. The interests were transferred from HHC Seafood Market Member, LLC, also an indirect subsidiary of Seaport Entertainment Group, and VS-Fulton Seafood Market LLC, a wholly owned subsidiary of Jean-Georges Restaurants. As a result, Seaport Entertainment Operations, LLC is now the sole member of Fulton Seafood Market, LLC.

Following the transfer, the operating agreement for Fulton Seafood Market, LLC was amended and restated to reflect the new ownership structure. Despite this transaction, Seaport Entertainment Group, through its subsidiaries, continues to hold a 25% minority interest in Jean-Georges Restaurants. The company’s financial health score from InvestingPro stands at "FAIR," with moderate debt levels as indicated by a debt-to-equity ratio of 0.28.

In connection with this restructuring, the Market Hall Management Agreement between the joint venture and Creative Culinary Management Company LLC, a subsidiary of Jean-Georges Restaurants, was terminated. This agreement previously covered management and operations of certain food and beverage businesses in the Tin Building.

Additionally, on June 30, 2025, indirect subsidiaries of Seaport Entertainment Group and wholly owned subsidiaries of Jean-Georges Restaurants entered into license agreements related to the use of certain Jean-Georges intellectual property for the Tin Building and the Fulton Restaurant. With revenue of $90.5 million in the last twelve months and a market capitalization of $244.12 million, investors can access detailed analysis and 7 additional key insights through InvestingPro’s comprehensive research report.

On July 1, 2025, Seaport Entertainment Management, LLC, an indirect subsidiary of Seaport Entertainment Group, provided notice to Creative Culinary Management Company LLC to terminate certain management agreements between the parties. As a result, the Services Agreement dated January 1, 2025, among Seaport Entertainment Management, Creative Culinary Management Company, and Seaport Entertainment Group has also been terminated.

All information is based on a press release statement contained in a recent SEC filing.

In other recent news, Seaport Entertainment Group reported a decline in revenue for the first quarter of 2025, with total consolidated revenues reaching $16.1 million, marking a 12% decrease from the previous year. Despite this drop, the company showed progress in reducing its net loss, which improved by 28% to $31.9 million. The entertainment segment experienced an 18% increase in revenue, while the hospitality segment saw a 16% decline, partially due to strategic decisions to reduce operating hours at certain locations. Seaport Entertainment aims to achieve breakeven by 2026 and profitability by 2027, with plans to transform Pier 17 into a year-round destination. The company’s cash and cash equivalents stood at $132 million, with long-term debt at $102.4 million. CEO Anton Nicodemus highlighted the company’s focus on reducing cash burn and achieving financial stability. Recent developments also include the opening of Catano NYC at Pier 17, a new event space, and a robust concert schedule, further positioning Seaport Entertainment as a premier entertainment destination.

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