One of Maine’s biggest restaurants has purchased one of Maine’s largest lobster dealers.

The family that owns DiMillo’s On the Water restaurant and DiMillo’s Marina on Portland’s waterfront has bought neighboring New Meadows Lobster Co., the 62-year-old business that sells lobsters to consumers, supermarkets and restaurants.

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Pete McAleney, 67, who will continue to run the lobster supply business on Portland Pier with his wife, Kathleen, says “the timing was right” for a sale to DiMillo’s. 2011 Press Herald File

The deal allows DiMillo’s to control the fate of the real estate next door, and its primary supplier of lobster. It also gives the former owners of New Meadows a chance to slow down but remain involved in the lobster dealer business.

The deal also may offer synergies with DiMillo’s dockage and parking business, said Chris DiMillo, managing principal in 60 Portland Pier LLC, the partnership of DiMillo family members that made the purchase. “It’s just a good fit with what we do,” he said. “And looking next door, we wanted to be involved in what the future of the property is.”

DiMillo said the partnership plans to expand​ the retail, consumer and wholesale business at New Meadows.

​”​We hope to also maintain all the relationships with the lobstermen and hope to keep all of the existing lobstermen as partners at the docks​,” he said.

DiMillo’s paid $1.6 million for the company, two buildings totaling 8,524 square feet and a 26,800-square-foot pier at 60 Portland Pier.

“It really was an investment in the waterfront as much as it was a decision to purchase the business,” said Steve DiMillo, brother of Chris and a partner in 60 Portland Pier LLC. He said they plan to maintain operations just as they are. New Meadows’ eight full-time employees will keep their jobs.

“We’re very excited to be in the lobster wholesale business,” he said. “We have no plans to make any changes. They do a really good job.”

The name of the business changed to New Meadows Lobster Supply LLC on Oct. 1.

Founded in 1952, New Meadows sold 2 million pounds of lobster last year and had $10 million in annual sales, said Pete McAleney, 67, who will continue to run the business with his wife, Kathleen.

“The timing was right,” he said. “I’m going to stay right here and nothing about the way things are operated is going to change.”

DiMillo’s, which served 243,000 meals last year and had $7.7 million in sales, spends about $500,000 per year on lobster. New Meadows has been its exclusive supplier since the restaurant opened in 1982, Chris DiMillo said.

McAleney has “always had a great reputation,” DiMillo said, “and he’s always gone to great lengths to have a supply of what people need.”

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