Lancastshire, United Kingdom-based Oceanic Seafoods is now 100 percent owned by its managing director and founder, Jim Welsh, following a buyout of 50 percent shareholder Three Oceans, Welsh’s lawyers have confirmed.
Oceanic Seafoods imports and exports wild-caught frozen seafood, working with accredited factories and catching vessels throughout the world with a focus on the North Atlantic, Pacific Ocean, and the Barents Sea.
Over the past 11 years, the business has grown internationally, establishing offices in Mar Del Plata, Argentina, and Qingdao, China, exporting across Asian markets. In the past five years, the business has grown annual revenue by more than 80 percent, turning over GBP 34.5 million (USD 48.8 million, EUR 40.1 million) in 2020.
Welsh founded the business in partnership with Three Oceans in 2010, with both parties taking a 50 percent stake. Following a change of ownership at Three Oceans, with the support of Napthens Solicitors, Welsh activated a clause in the contract that has allowed him to take a full controlling stake, acquiring the remaining 50 percent of shares.
“It’s an exciting time for the business. This move to complete ownership will allow us to be more versatile, grow existing U.K. customer sales and develop our offering in international markets such as the Far East and U.S. markets. It will provide even greater flexibility for our multinational export team and opens a lot of new doors for us,” Welsh said. “Three Oceans has been a truly valued shareholder throughout the years and our partnership has been built on shared principles of trust, hard work, and a passion to supply the best quality seafoods in the industry, we remain strong.”
Napthens Partner Jamie Allison said the company “has been successfully led by Jim for more than 10 years,” becoming an exemplary business in the sector through collaborations with “global partners and loyal customers to produce an exceptional product.”
“We are pleased to have worked closely with him and the team on delivering this next step for the business,” Allison said.
Nippon Suisan (Europe), a subsidiary of Tokyo-based Nippon Suisan Kaisha, recently acquired a 75 percent stake in Three Oceans.
