Comeau Sea Foods, based in southwestern Nova Scotia, Canada, has reached an agreement to be acquired by Mersey Seafoods.
In a press release, Comeau announced the purchase is pending, subject to relevant regulatory review of the transaction.
“There are no immediate changes to day-to-day operations; Comeau’s Sea Foods will continue to operate from locations across southwest Nova Scotia, and the Comeau name will remain as part of the business,” the company said.
Comeau’s was founded 80 years ago, and Comeau Sea Foods President and CEO Noël Després said in a release the decision to sell was made with the company’s long-term future in mind.
“Comeau’s has always been guided by a strong sense of responsibility to its employees, customers, and community,” Després said. “Mersey Seafoods is a Nova Scotia company that understand our industry, shares out values, and is committed to maintaining a strong local presence.”
In the release, the company said it is committee to being straightforward throughout the transition “and will share further updates as confirmed information becomes available.”
Comeau’s Sea Foods operates a fleet of fishing vessels harvesting North Atlantic sea scallops and Atlantic herring. It was also one of five companies remaining with any quotas in Canada after Ocean Choice International sold off its Nova Scotia offshore scallop quota to three companies – two of which were Mersey Seafoods and Comeau’s Sea Foods.
If Mersey’s purchase of Comeau passes the examination of Canada’s Competition Bureau, which is in charge of reviewing mergers and acquisitions, it would hold 33.87 percent of the total offshore scallop quota, putting it second only to Clearwater Seafoods’ 43.86 percent.
