German trader All-Fish announced its first acquisition, together with its Namibian partner processor Seawork, for fellow German trader Intercont, on Friday.

The traders have had a customer-supplier relationship for roughly 10 years, All-Fish Managing Director Stefan Schulze told IntraFish, but Intercont opened acquisition talks with All-Fish two months ago, with the smaller company looking to safeguard its future as its current stakeholders reach retirement age.

Schulze described the wholesaler as "kind of a smaller All-Fish," albeit it with differences in size and strategy.

"They do more or less the same as us on a smaller-scale, but the difference is that they are running their own coldstore, which we do not, and they have a small truck doing supplies within the [German] area, which is very different to what we do."

All-Fish had been supplying Intercont with hake, from its Nambian partner Seawork, as well as shrimp and scallops.

"In general, they run the same product range as we do. There are quite a lot of things that we can share in the future," Schulze said, adding that the companies will continue to manage their own businesses and "not interfere" with one another.

Intercont has a turnover of roughly €10 million ($11 million) and All-Fish is on track for sales of up to €60 million ($66.1 million), exhibiting growth from the year prior, said Schulze.

"We are doing well," Schulze said. "It would not surprise me if there are more [acquisition] opportunities in the next years, but we are very relaxed and not under pressure to do so."

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German trader All-Fish open to further acquisitions as it snaps up buyer