Sea Harvest, a leading Black-owned, responsible and diversified food and fishing business, has recently made significant progress in its pursuit of strategic acquisitions. The company has struck deals to acquire two South Africa-based seafood peers: West Point Fishing and Aqunion.
In a stock-exchange filing, Sea Harvest announced its plans to purchase 100% of West Point Fishing’s canned-fish, fish-oil, and fish-meal business. Additionally, the company intends to acquire a 63% stake in Aqunion, an abalone supplier. These acquisitions are valued at R964.8m ($50.7m) and will be financed with a combination of cash and shares from Terrasan, a South African investment group specializing in fishing, aquaculture, and property.
With the completion of these acquisitions, Sea Harvest aims to diversify into wild-caught pelagic species and their processed products, creating value through forward integration into canning and fishmeal and fish oil production. The company also believes that the global demand for fishing products continues to grow due to the increasing popularity of healthier food products and sustained growth in aquaculture.
Sea Harvest’s existing portfolio includes the fishing of Cape hake in South Africa and prawns in Australia. The company processes the catch into seafood products, farms and markets abalone, and operates businesses in dairy and packaged foods. These strategic acquisitions align with Sea Harverst’s mission to become a leading player in the food and beverage industry, expanding its capabilities and presence in this sector.
These developments signify Sea Harvest’s strong commitment to its growth strategy and mission to lead in the food and beverage industry. As the company continues to expand its operations, it aims to establish a strong foothold in the ever-evolving food and drink consumer trends, leveraging its new acquisitions to further contribute to the industry.
