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Seafood giant buys out 3 prawn farms
One of Australia’s leading seafood producers will expand its portfolio through an acquisition of three prawn farming operations.
Emma Musgrave
Firms: Thomson Geer (Tassal); McCullough Robertson (Fortune Group)
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Deal: Tassal has acquired three prawn farms from the Fortune Group.
Value: $30.3 million
Area: M&A
Key players: The Thomson Geer legal team comprised partners Chris O’Shea, Melinda Graham and Eugene Fung, along with their respective teams.
Deal significance: The acquisition of the three prawn farms will now see Tassal embark on a 3–5 year development program, worth an estimated $33 million.
According to a statement from Thomson Geer, the acquisitions are a “further milestone in execution of Tassal’s seafood and salmon growth strategy to unlock synergies in the seafood supply market to support the increased consumption per capita of salmon and seafood being seen both in Australia and internationally”.
“The target assets are long term suppliers of prawns to De Costi Seafoods which Tassal acquired in 2015 as part of its strategy, and the acquisition is an opportunity in the seafood value chain to diversify earnings and mitigate risk,” the firm said.
Commenting further on the deal, Thomson Geer partner, Chris O’Shea, said: “We congratulate Tassal on the acquisition as it continues with its strategy to drive seafood growth and consumption in Australia”.
