Nigerian quick-service restaurant chain Tantalizers has acquired Lagos-based fishing company DanBethel Marine Services, carrying out part of its long-term strategic growth plan of venturing into the seafood market and away from a sole focus on fast-food services.
A Tantalizers statement published on the Nigeria Exchange (NGX) said the acquisition was driven by an analysis of emerging consumer trends, especially “the increasing demand and emphasis on sustainable food systems, marine industry opportunities, and seafood as a healthier source of protein.”
The acquisition is expected to be completed over a six-month period that will include obtaining necessary regulatory approvals.
“This acquisition marks a significant step in the company’s strategic expansion into the blue economy space, specifically focusing on industrial trawling, aquaculture, mariculture, seafood supplies, and marine operations,” the firm’s statement said.
The performance of restaurants – both franchises and lone operations – across Nigeria has come under intense pressure from various challenges, such as increasing unemployment that has eaten into disposable incomes, persistent terrorist activities, and growing competition from e-commerce firms offering online food ordering and delivery services, that have forced firms like Tantalizers to adapt...