Clearwater Seafoods has acquired Macduff Shellfish Group, one of Europe's leading wild shellfish companies, for £94.4 million (€127.4 million/$144.7 million) plus approximately £4 million (€5.4 million/$6.1 million) in seasonal working capital debt.
The Canadian company entered into an agreement with the Beaton Family and Change Capital Partners, a private equity fund, to acquire 100 percent of the shares of Macduff Shellfish Group the United Kingdom's largest vertically integrated shellfish company, it said in an announcement.
The move provides Clearwater with an immediate 20 percent expansion of supply -- approximately 15 million pounds -- of high shellfish, including scallops, langoustine, whelk and crab.
Also, there may be additional consideration paid in the future dependent upon on the future performance of Macduff.
"The acquisition of Macduff brings together two of the world's leading and fastest growing vertically integrated wild shellfish harvesters," said Ian Smith, CEO of Clearwater Seafoods.
"The transaction will allow Clearwater to integrate its vessel management and sustainable harvesting practices, innovative processing technologies along with...
