Shrimp processing. (Photo: Mareterram)

Sea Harvest expands business in Australia with Mareterram deal

Hake fishing company Sea Harvest Corporation has gained control of the Australian agribusiness Mareterram after acquiring 56 per cent of the firm with the aim of achieving global expansion.

The deal to increase its stake in the firm that catches and processes king and tiger prawn out of Western Australia and operates a sales and marketing arm, mainly for seafood follows a transaction in which Brimstone increased its stake in Sea Harvest to 85 per cent, BDLive reported.

"We are excited about our controlling stake in Mareterram as their strategy is very closely aligned with Sea Harvest's strategy of becoming a global vertically integrated agri-business," commented Sea Harvest CEO Felix Ratheb.

For his part, Brimstone chairman Fred Robertson said the company supported acquisitive growth by its subsidiaries pointed out: "In the instance of Sea Harvest, the opportunity of global expansion using Australia as an entry point is an exciting one and aligns with our view of becoming a global player in the sector." 

Robertson said Mareterram would create a platform from which further acquisitions could be launched.

"The longevity of fishing rights in Australia gives us a certain amount of certainty around this investment," he said.

He also stressed that Mareterram added diversity in terms of species and geographical markets to Sea Harvest. "We also intend broadening our seafood basket… we don’t want to be solely dependent on fish."

Mareterram holds 10 prawn fishing licences for Western Australia's Shark Bay and operates 10 trawlers based at Carnarvon, targeting king and tiger prawns. The company also operates a food services division that imports frozen seafood and potato products, which it sells to national supermarkets and other customers.

It employs 110 staff and has distribution and sales offices in Perth, Adelaide, Melbourne, Brisbane and Sydney.

Cape Town-based Sea Harvest is one of the largest fishing companies in South Africa, owning 12 deep-sea trawlers and three processing plants.

 Related article:

- Sea Harvest quiere hacerse con el control de empresa australiana

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