Bedford, N.S.-based Clearwater Seafoods has entered into an agreement to acquire Macduff Shellfish Group Limited, a vertically integrated shellfish company in the U.K. with a strong presence in the European Union.
The purchase price is £94.4 million, plus approximately £4 million in seasonal working capital debt, for a total of £98.4 million (approximately C$195 million). The companies expect the deal to close by Oct. 30.
“The acquisition of Macduff brings together two of the world’s leading and fastest-growing vertically integrated wild shellfish harvesters. 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,” says Ian Smith, CEO of Clearwater Seafoods.
“Our companies have been building a working relationship for more than three years and we are confident Macduff represents a highly attractive investment with a strong strategic fit for Clearwater,” he adds.
Acording to a media release from Clearwater, this acquisition will strengthen Clearwater’s leading global market position in premium wild seafood with an immediate 20-per-cent expansion of supply (approx. 15 million lb.) of high-quality shellfish including scallops, langoustine, whelk and crab.