Newfoundland, Canada-based Quinlan Brothers Ltd. is being sold to Royal Greenland A/S, headquartered in Nuuk, Greenland.
The sale is expected to close later this year at the end of the processing season. Terms of the sale were not disclosed.
Quinlan’s shareholders believe the sale is in the “best long-term interest of the company and those associated with the business for them to transition their ownership at this time,” Quinlan said in a press release.
“It is the intention of the shareholders and Royal Greenland to maintain the legacy of Quinlan Brothers Limited,” the statement said.
Quinlan’s operations in Bay de Verdem, Newfoundland, will be sustained and operated as normal and company president Robin Quinlan will continue managing the business.
Quinlan Brothers has had a long-standing relationship with QuinSea Fisheries Ltd., according to the release. Both companies shared common ownership for many years until the owners of QuinSea sold their interests to Royal Greenalnd in 2016.
“Both companies have continued to have joint ownership interests in other fish processing operations in the Province (Gulf Shrimp Limited and Independent Fish Harvesters Inc.),” Quinlan said.
“Royal Greenland has demonstrated its ability to maintain and grown the seafood business in Newfloundland, though new capital investment and increased market access that serves to the benefit of our entire industry,” Quinlan added.
Quin-Sea and its subsidiary, Gulf Shrimp, garnered criticism earlier this year when Gulf Shrimp said it would permanently close its processing plant at Black Duck Cove in Newfoundland.
After a fire last year, the plant was inoperable, the company said.
