Necessity, not strategy, has led French aquaculture producer Gloria Maris Groupe (GMG) down the acquisition path, according to President Philippe Riera.
Restrictions on production growth in France left the Corsican seabass and seabream farmer with "no choice" but to acquire the operations of existing businesses, Riera told IntraFish.
Unable to expand beyond its 1,000 metric ton production on the French island, GMG grew by acquiring Sardinian sea-farming operations and a Morrocan processing operation in 2012. It then went on to buy the land-based operations of bankrupt Aquanord and neighboring hatchery Ecloserie Marine de Gravelines (EMG) and most recently the turbot operations -- France Turbot -- of French seafood giant Groupe Adrien, in February this year.
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