Seafood processor Réunimer-Pêcherie du Sud has received investment interest from Hivest Capital Partners, which has taken a majority stake in the business.
Paris-headquartered Hivest did not disclose the size of the stake nor the price it is paying for the holding, acquired from the processor’s founders and shareholders.
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Réunimer-Pêcherie du Sud is based in Réunion, an island in the Indian Ocean that is an overseas territory of France. Réunion is located between Madagascar and Mauritius and forms part of the Mascarene Islands.
Set up in 1996, the company is engaged across the whole value chain from fishing and processing to aquaculture, export and distribution. It supplies the French and international markets with products ranging from fish and octopus to shrimp, and even seaweed, sold in fresh, frozen and processed formats.
Supplying retail and foodservice customers, Réunimer-Pêcherie du Sud has an annual turnover of €70m ($77.8m) and operates seven processing plants. It has a fishing fleet numbering about 30 ships.
Sébastien Camus and Olivier Méraud, the president and general manager of the seafood processor, respectively, said: “We wanted our new partner to support our development while also aligning with our goal of creating local value and acting as a responsible player in the fishing industry, committed to ecological practices both at sea and on land.
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By GlobalData“These were the criteria on which we chose Hivest Capital, and we are excited to embark on this new journey together.”
Réunimer-Pêcherie du Sud has sustainability certification from the Marine Stewardship Council and also has partnerships in that field with NGOs, universities and scientific bodies.
Hivest said it plans on “strengthening the group’s position both in its traditional markets and internationally, including through external growth operations”.
Roland Hillion, a consultant at Hivest, added: “We thank the shareholders and the management team for their trust and are thrilled to support the group in its new stage of development.
“We share a common ambition to become a global and responsible leader in high value-added seafood products, while deepening the group’s ESG commitment and implementing an ambitious external growth strategy.”
