South Africa's Oceana Group has acquired Louisiana-based Daybrook Fisheries in a transaction valued at close to US$400m.
The company has taken 100% ownership of Daybrook for a purchase price of $382.3m as well as a 25% stake in Westbank LLC, its related marine operations, by a combination of stock purchase and merger with Oceana US Holdings Inc.
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Oceana Group is listed in Johannesburg and is majority controlled by leading South African food company Tiger Brands and investment fund Brimstone.
Antarctica Advisors acted as investment banking advisors to Oceana. Managing partner Ignacio Kleiman suggested that the deal will fuel further consolidation in the seafood industry. "For the global seafood industry, it is a game changer, due to the transaction size and strategic importance. We expect that this transaction will fuel further North American and cross-border consolidation," he commented.
