Clearwater Lands U.K. Shellfish Company
HALIFAX–Clearwater Seafoods announced today that it will purchase 100 per cent of the the U.K.’s Macduff Shellfish Group Limited for £98.4 million (about $190 million).
Shares of Clearwater Seafoods were up 6 per cent in early trading on the TSE.
“The acquisition of Macduff brings together two of the world’s leading and fastest growing vertically integrated wild shellfish harvesters,” said Ian Smith, CEO of Clearwater Seafoods. “. The transaction will allow Clearwater to integrate its vessel management and sustainable harvesting practices, innovative processing technologies along with its global sales, marketing and distribution footprint into Macduff; a company that already possesses a talented local management team, excellent resource assets and a strong presence in the EU, the world’s largest and most valuable seafood market.”
The deal gives Clearwater access to complementary seafood lines and access to food service and grocery retail distribution channels in the U.K., Spain and Portugal.
“This deal is great news for our operations in the U.K., bringing investment and access to new markets within an extremely successful and respected business,” said Euan Beaton, president of Macduff Shellfish Group.
The deal is expected to be completed by October 30. It does not require any regulatory approvals.