Japan’s Sojitz has acquired UK-based New England Seafood International (NESI) through a deal for Sealaska Foods International Holdings (SFIH).
NESI becomes the fourth M&A seafood transaction for Tokyo-listed Sojitz in five years. The diversified corporation sees Europe and the US as “high-growth markets” as Japan’s sector reaches “maturity”.
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The purchase price for SFIH was not disclosed in a statement today (2 October) from the Japanese business.
SFIH is a subsidiary of Alaska-headquartered Sealaska Corp. through its Woocheen business unit.
Sealaska said in a separate statement that the “companies operating under the SFIHL umbrella include UK-based New England Seafood International Limited, as well as companies in Norway and Iceland”.
It added: “In recent years, Woocheen has created significant value in its global business platform. This transaction is the first step in its strategy to realise that value, enabling Sealaska Corporation to expand shareholder programmes that directly impact its communities closer to home.
“Sealaska’s European seafood businesses are joining Sojitz Corporation, a global Japanese company with wide-ranging ownership interests in Japan and throughout the world.”
NESI supplies fresh and frozen fish and seafood to retailers and the foodservice sector in the UK and northern Europe, including tuna, salmon and shellfish.
The portfolio includes private label and branded products such as the Leap Fish and Fish Said Fred labels processed across three sites in Chessington, Grimsby and Paignton, accroding to its website.
Post the acquisition, Sojitz said it “aims to secure new supply networks to address the high demand for white fish and other seafood products in Europe and the US, enhance product development and manufacturing capabilities to meet local needs, and expand its customer base in the UK and the rest of Europe”.
Sojitz added SFIH “possesses supply networks in Norway and Iceland for sourcing white fish raw materials” and the combined businesses will seek to “develop and sell high value-added products”.
It pointed to consumer interest in raw ready-to-eat options, as well as “pre-seasoned ready-to-heat items, alongside increased demand for sushi and other Japanese food products”.
Sojitz added it “aims to realise sustainable growth in overseas markets not only by expanding Japanese-style products and industry know-how to other regions, but also by strengthening product development and manufacturing capabilities”.
Other recent seafood deals struck by the Japanese firm include Tokyo-based processor Marine Foods Corp., which was purchased from NH Foods, or Nippon Ham, in 2022.
The following year, it also increased its 10% stake in Japan-based tuna supplier Try to full ownership and in 2024 acquired the in-store sushi businesses of Sushi Avenue in the US.
