Family-owned Australian seafood company Kailis Bros has sold 90 percent of its seafood processing, wholesale and export business to a Chinese conglomerate, reported ABC Online.

The value of the deal with Hong-Kong listed Legend Holdings, announced late on Wednesday, was not revealed.

Under the sale, Kailis Bros' seafood processing, wholesaling and exporting business will become part of a newly formed venture between the two companies, called KB Foods.

The deal does not include Kailis Bros' Leederville restaurant and retail outlet or the Perth Fish Markets, which will remain owned by the family.

Matthew Kailis is due to become chief executive of KB Foods, while George Kailis and Nicholas Kailis will continue in their roles as managing directors within the new structure.

The Kailis family will hold a 10 percent share in the venture.

In a statement, cited by ABC Online, Matthew Kailis said the business structure would remain the same. "It will be very much business as usual for all of our customers, suppliers and employees.

"We have long-held ambitions to grow our Australian and international business and greater access to capital will assist with funding organic and inorganic growth opportunities.

"Legend is a significant company with an outstanding international reputation. We are pleased that Kailis Bros is able to partner with Legend in fulfilling our mutual growth ambitions in the exciting food and agriculture space," he said.

Shaopeng Chen, senior vice-president at Legend Holdings, said the opportunity to partner with Kailis Bros was particularly appealing.

"Australia possesses a strong market economy and is a stable place to do business," Chen said.

"Kailis Bros has developed a great reputation in Australia and with our capital backing we intend to invest in the business to grow its Australian operations with new capabilities, new products, new technologies and greater market presence."

The terms of the transaction remain confidential, according to ABC Online.

---

For more seafood news and updates, follow us on Facebook and Twitter or sign up for our daily newsletter

News

Aussie seafood firm sells 90% stake to Chinese firm