Thomson Geer has advised Australia’s leading seafood producer and the largest producer of Atlantic salmon, Tassal Group Limited, on its aquaculture expansion with the acquisition of three prawn farming operations from Fortune Group.
The $30.3 million acquisition (plus a further $33 million development program over the next 3 – 5 years) is a further milestone in the execution of Tassal’s seafood and salmon growth strategy to support the increased consumption per capita of seafood being experienced both in Australia and internationally.
The target prawn farm operations are long-term suppliers of prawns to De Costi Seafoods which Tassal acquired in 2015 as part of its growth strategy, and this latest acquisition is an opportunity in the seafood value chain to diversify earnings and mitigate risk.
Thomson Geer Partner, Chris O’Shea, said:
“We congratulate Tassal on the acquisition as it continues with its strategy to drive seafood growth and consumption in Australia”.
The acquisition was announced on 24 August 2018. Completion is subject to closing conditions precedent.