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Thursday, February 29, 2024
HomeSeafoodWhitefish large reaches deal to amass two seafood teams

Whitefish large reaches deal to amass two seafood teams

South Africa-based whitefish large Sea Harvest stated it plans to take management of two subsidiaries from home funding group Terrasan.

The deal consists of the acquisition of Terrasan’s pelagic subsidiary West Level Fishing, and a 63 p.c stake in Terrasan’s abalone subsidiary Aqunion.

The ZAR 965 million (€46 million/$50 million) deal will likely be settled in shares and money.

West Level Fishing operates a fishing fleet that catches sardines and anchovies and produces fish oil and fishmeal. The corporate additionally produces canned fish largely for the South African market which is bought beneath the Saldanha model. The corporate relies in St. Helena Bay within the Western Cape and employs greater than 600 staff.

Aqunion produces and sells dried, canned and stay abalone to clients in Asia. The corporate relies in Hermanus and Gansbaai within the Western Cape and employs 430 workers.

“We’re assured that the acquisition will create worth and diversification into wild caught pelagic species and their processed merchandise, together with fish oil, fishmeal and canned fish,” Sea Harvest Group CEO Felix Ratheb stated.

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“Moreover, it would allow us so as to add worth and scale to our personal small sardine and anchovy pelagic quota the place we at the moment have a small footprint…counter the cyclicality of the pelagic fishery relative to the hake fishery and add a mature, money generative abalone enterprise with a diversified buyer base and markets to our current abalone operations,” Ratheb added.

Terrasan and Sea Harvest consider {that a} mixed South African abalone enterprise will profit from scale and synergies created via the consolidation, leaving it properly positioned to use worldwide alternatives and compete in its goal markets, Terrasan Group CEO Danie du Toit stated.

The preliminary buy quantity will likely be settled via ZAR 600 million (€28 million/$31 million) in Sea Harvest shares and the stability in money, along with two additional efficiency linked earnout quantities.

An Earnout or earn-out is a pricing construction in mergers and acquisitions the place sellers should “earn” a part of the acquisition value primarily based on the efficiency of the enterprise following the acquisition.

The acquisition represents materials progress in Sea Harvest’s aim of turning into a accountable and diversified meals and fishing enterprise, the corporate stated.

The deal is topic to regulatory approvals and the approval of Sea Harvest and Terrasan shareholders.

Johannesburg-listed Sea Harvest was based in 1964, and is a vertically built-in, majority black-owned fishing and meals firm. The group employs about 6,000 workers and has operations in South Africa and Australia.

Sea Harvest’s main fish species are hake, horse mackerel, prawns and abalone, and it owns and operates round 50 vessels, 5 fish processing amenities and two abalone farms.

Terrasan is a South African funding group holding investments within the pelagic fishing, aquaculture and property industries.

Final yr, Sea Harvest acquired an additional 28 p.c stake in abalone producer Viking Aquaculture for ZAR 210 million (€10.7 million/$11.3 million), bringing its whole holding within the firm to 82 p.c.

Abalone is a high-value, high-margin aquaculture species which is bought in Far East markets in stay, dried, canned and frozen codecs.


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