Deepwater fishing company Sealord has entered into an agreement to acquire privately-owned Independent Fisheries - the largest financial transaction in the seafood sector since the Sealord deal in 1992, which was part of the Māori Treaty Settlement. This transaction will make Sealord New Zealand’s biggest seafood business.
Subject to satisfying a number of conditions, including clearance from the Commerce Commission and consent from the Overseas Investment Office, Sealord will acquire the Christchurch-based Independent Fisheries business, which includes approximately 46,000 metric tonne of quota, two owned and one chartered deepwater factory fishing vessels, 500 plus vessel crew and staff, and a cold storage facility. The date of settlement will be dependent on when the various conditions and approvals are met.
Sealord Board Chair Jamie Tuuta said Sealord is an inter-generational fishing company and the purchase of Independent Fisheries further cements this position for the long-term.
“Our investment in Independent Fisheries is based on a strong belief in the business, the long-term sustainability of the commercial fishing sector in New Zealand and the ability to deliver increased returns to Sealord’s shareholders, half of whom are iwi.
“Māori have a strong affinity with the moana, kaimoana and fishing. The fisheries settlement allocating iwi ownership of quota, including through the purchase of 50% of Sealord, underpins that cultural value system. This transaction grows iwi quota ownership, enhancing our strong connection with the moana in Aotearoa.”
