Japanese seafood giant Maruha Nichiro has swallowed the shares in Netherlands-based Seafood Connection it did not already own.

In a statement issued today (3 December), Maruha Nichiro said it would take its shareholding in Seafood Connection from 81.96% to 100% later this month. The financial terms and the seller were not disclosed.

Maruha Nichiro, which first invested in Seafood Connection in 2013, said the Dutch business is the group’s “sales base for marine products in the European market”.

The company added it had bought the business outright to “further strengthen the group’s management structure and accelerate the expansion of group profits”.

Jan Kaptijn, Seafood Connection’s CEO, has been appointed as a Maruha Nichiro executive officer from April.

In 2024, Seafood Connection generated net sales of Y130.97bn ($842.7m), up 3.9% on a year earlier. Operating income rose 17.7% to Y6.07bn. Profit attributable to owners of parent stood at Y2.77bn, 35.2% higher than in 2023.

Seafood Connection is headquartered in the Dutch town of Urk and has operations in another ten countries.

In May, the company acquired a 70% majority stake in fellow Dutch seafood group Van der Lee Seafish.

Maruha Nichiro’s financial year runs to the end of March. The publicly-listed company booked a 4.7% increase in net sales to Y1.08tn for the 12-month period. Operating income was 14.5% higher at Y30.38bn. Profit attributable to shareholders rose 11.6% to Y23.26bn.

In March, Tokyo-headquartered Maruha Nichiro, one of the world’s largest fish companies, announced plans to change its trade name to Umios Corp.

At the time, the company said it would “aim for sustainable growth under a new identity and transform itself into a ‘solution company’ that co-creates value with various stakeholders and solves social issues through food”.