Legend Holdings has purchased a 90% stake in the seafood processing, wholesale and export operations of Kailis Bros with the aim of growing the business in Australia through increased investment. 

Announcing the deal, the Hong Kong-based investment firm said that it wants to gain access to Australia's "strong market economy". 

Shaopeng Chen, SVP of Legend Holdings, said: "Australia possesses a strong market economy and is a stable place to do business. Kailis Bros has developed a great reputation in Australia and with our capital backing we intend to invest in the business to grow its Australian operations with new capabilities, new products, new technologies and greater market presence."

The Kailis family will continue to hold the remaining 10% of the business, which will be renamed KB Food. Existing management, including CEO Matthew Kailis and managing directors George Kailis and Nicholas Kailis, will remain with the business. 

Cheif executive Matthew Kailis commented: "We have long-held ambitions to grow our Australian and international business and greater access to capital will assist with funding organic and inorganic growth opportunities". 

Kailis Bros Leederville (café and retail fish) and the Perth Fish Markets (AJ Langford Pty Ltd) will remain fully-owned by the Kailis family. 

The financial details of the transaction were not disclosed.