JSE-listed Sea Harvest Group has entered into an agreement to acquire the Western Australia-based fishing businesses of MG Kailis Holdings for A$70-million.
The acquired assets will be held by Sea Harvest Marine – a newly registered wholly-owned subsidiary of Sea Harvest Australia.
MG Kailis is a well-established vertically integrated prawn and fish trawling, seafood trading and engineering business, with more than 50 years’ experience.
The acquisition assets include vessels, intellectual property, plant and equipment, licences and fishing rights for prawns in the Exmouth region and trawled fish in the Pilbara region in Western Australia, providing the group with further security of supply and diversification of product.
Sea Harvest explains that the acquisition is a step in the execution of the group’s investment strategy of acquisitive growth in the international seafood space, prioritising high-value seafood species.
The company aims to sign an employment agreement with the MG Kailis MD to assist with integrating the combined business for at least 18 months.
The transaction is expected to close on or about April 1.