Deal: HWL Ebsworth has assisted the Rockliff family on the sale of their remaining 50 per cent interest in Petuna Aquaculture to existing partner Sealord Group Limited

Petuna is one of the largest and oldest privately owned aquaculture businesses in Tasmania and is Australia’s largest domestic retail supplier of salmon.

Value: Undisclosed.   

Area: M&A. 

Key players: Representing Petuna, lead M&A partner, Jeremy McCarthy, was assisted by Hobart-based partner, Dayne Johnson together with Paul Lewis (special counsel, M&A), Greg Stander (senior associate, banking) and Joshua Gouw (solicitor, commercial).

Sealord was represented by partner Geoff Busch and senior associate Rachel Brown.

Deal significance: Peter and Una Rockliff have sold their remaining share in Petuna Aquaculture to their existing business partner, Sealord Group, having established their first commercial fishing boat called the Alva in 1949.

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Petuna Aquaculture will become a 100 per cent owned subsidiary of Sealord Group Ltd from 3 February 2020.

Peter and Una Rockliff are pioneers of the Tasmanian fishing industry having been instrumental in the development of salmon and ocean trout fisheries in the north west coast of Tasmania.

“We are delighted to obtain full ownership of Petuna Aquaculture as it’s an opportunity to build a strong second platform to complement our core deep sea fishing business and helps fulfill our strategic vision to better manage volatility in primary industry markets,” Sealord CEO Steve Yung said.