South Africa's Sea Harvest to buy Viking Fishing
Sea Harvest, the leading frozen seafood brand in South Africa, said it plans to acquire Viking Fishing and Viking Aquaculture for an undisclosed amount.
Sea Harvest said it intends to acquire the entire fishing business of Viking Fishing Holdings Proprietary Limited via a consortium of “broad-based black economic empowerment investors led by the company,” Sea Harvest said in a note to investors.
It is also acquiring 51 percent majority stake in Viking Aquaculture. Cape Town, South Africa-based Viking Fishing is a global supplier of prawns, sole, and several other seafood items.
Sea Harvest, owned by Brimstone Investments, has invested more than ZAR 300 million (USD 22 million, EUR 19 million) over the past three years in vessel acquisitions and factory upgrades, according to a Business Report article.
For the first six months of 2017, Sea Harvest reported earnings of ZAR 111 million (USD 8 million, EUR 7 million), a 217 percent increase from the same time period in 2016.
“The group said it benefited from the improved performance of its South African operations as a result of investments in both fleet and land-based operations and continued strong global demand for Cape hake,” Business Report said.
The supplier acquired a freezer trawler, MV Therney, from Icelandic fishing company HB Grandi earlier this year. And in 2016, Sea Harvest acquired 56 percent of Mareterram in Australia.
The proposed acquisition of Viking Fishing is subject to approval from the Minister of Agriculture, Forestry and Fisheries and the Department of Agriculture, Forestry and Fisheries, Sea Harvest said.