Fishing operations performed by Oceana Group. (Photo: Oceana Group)
SOUTH AFRICAWednesday, May 20, 2015, 02:20 (GMT + 9)
Oceana Group has announced the settlement of the deal to indirectly acquire Louisiana-based (US) Daybrook Fisheries Inc. by a combination of a merger and stock purchase, which will contribute to expand the Group’s international operations.
In a release sent to FIS.com, the Group informed that through the USD 382.3 million stock purchase it will hold a 100 per cent indirect ownership in Daybrook Fisheries and an effective 25 per cent indirect ownership in Westbank.
Through the purchase of the firm engaged in harvesting and processing gulf menhaden into fishmeal and fish oil, which is sold for aquaculture feeds and for further refining into dietary supplements, Oceana will manage to increase diversification of its targeted fish species, operational geography, product profile and currency exposure.
Last year Daybrook Fisheries sold 76,862 tonnes of fishmeal and fish oil and achieved a revenue amounting to USD 124 million. For the 2014 financial year ended 31 December the firm’s EBITDA reached USD 43 million.
Through its subsidiary Westbank, the purchased firm owns and operates 11 refrigerated tender vessels and ten single Cessna aircraft used to aid in spotting menhaden schools.
As part of the deal, Tiger Brands Ltd., which owns 43.8 percent of Oceana and is South Africa’s largest consumer-goods producer, will follow its rights in the share sale, the Johannesburg-based company said.
"This acquisition represents an opportunity for Oceana to undertake a truly transformative transaction and acquire access to a sustainable and well managed fishing resource," the Group concluded.