GBG, the owner of Morubel, a leader in the European frozen shrimp market, on Thursday, 3 March announced the purchase of Ristic AG, a German seafood importer and wholesaler.
The deal is expected to close in the second half of March 2016. Terms of the deal were not disclosed, and the transaction is subject to approval from European authorities.
Morubel CEO Edo Abels said his company’s strength in wild-caught shrimp paired well with Ristic’s shrimp aquaculture facilities in Costa Rica.
"I am very positive about the perspectives of this combination,” Abels said. “Together we have a strong position in frozen shrimp in Europe in both wild-caught and farmed product.”
Ristic, which was founded in 1961 and lists 2010 turnover of EUR 50 million (USD 54.8 million), employs approximately 275 people at its headquarters in Oberferrieden, Germany and at its farms in Costa Rica.
Abels will lead the new conglomerate, while Ristic founder and majority shareholder Peter Ristic will continue at the company in the position of managing director.
“This transaction is an undeniable confirmation of our leadership position in the field of sustainability and the quality of our company,” Ristic said. “I look forward to working with Edo and the rest of the team to further accelerate the development and growth of the combined company in the future.”
Morubel, based in Oostende, Belgium, employs 107 people and had EUR 70 million (USD 76.7 million) in turnover in 2014.
The new company will continue to market under the brand names of Morubel and Ristic, as both entities sell seafood via private labels.