Seafood Dealmakers' Database

2019 Seafood Dealmakers' Database

SAMPLE SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Report editor Tom Seaman EDITOR AND CO-FOUNDER, UNDERCURRENT NEWS

Tom is the editor of Undercurrent News, which he co-founded in 2012. He has been reporting on the seafood industry since 2005, including as assistant editor of Fishing News International, and online editor at Intrafish Media.

Report author Dan Gibson EDITORIAL ASSISTANT, UNDERCURRENT NEWS

Dan joined the Undercurrent News team in October 2018, after graduating with a postgraduate diploma in magazine journalism from Cardiff University. Prior to this, Dan did a masters degree in biological and earth sciences at Durham University, where he got a first. He updates theUndercurrent M&A database as well as providing coverage of the global seafood sector.

Report data Eva Tallaksen CO-FOUNDER, UNDERCURRENT NEWS

A journalist turned web programmer, Eva has worked in business journalism since 2006 and covered the seafood sector since 2010.

PROOFREADING BY: DISCLAIMER Tom Seaman & Dan Gibson While every effort has been made to ensure the accuracy of the contents of this publication, Undercurrent News assumes no liability or responsibility for the completeness, accuracy or usefulness of this report. DESIGN BY: Miriam Okarimia SAMPLECOPYRIGHT All rights reserved. No part of this publication may be reproduced in any form or by any means electronic or mechanical, including photocopying, recording or by any information storage and retrieval system without permission in writing from PUBLISHED IN JULY 2019 BY: Undercurrent News Ltd. Undercurrent News E1 Studios, 7 Whitechapel Road, Links to our industry reports are specific to each report owner and may not be London E1 1DU, United Kingdom shared with others.

1 SEAFOODSEAFOOD DEALMAKERS' DEALMAKERS' DATABASE DATABASE BY BY UNDERCURRENT UNDERCURRENT NEWS NEWS 20192019

SEAFOOD DEALMAKERS’ DATABASE Introduction

Since we founded Undercurrent News in 2012, it’s been Also, the number of deals in Q1 was strong, as shown in our fascinating to see the pace of consolidation in the sector “Seafood’s Top Dealmakers, Q1, 2019: Flying start for M&A set increase. to continue throughout year”, report. According to our data, 37 deals closed in Q1, up 42% year-on-year. This is what led us to produce our first report on the topic in 2017, “Seafood’s Top Dealmakers: Cross-border, cross-sector The number of 37 is the highest Q1 level seen going back to the consolidation gathers pace”, in which we documented all the start of 2015, when Undercurrent started tracking M&A in the deals going back to the start of 2015. sector. It’s also the second highest seen in any quarter in the period, exceeded only by 43 in Q4 of 2018. This surge in deals Then, last year, we came out with our “Seafood’s Top in Q4 took the total for 2018 up 8% y-o-y, to 129. The level of Dealmakers II: M&A spend closes on $4bn as conglomerates, 119 for 2017 was up, in turn, from 102 in 2016 and 94 in 2015. PEs vie with industry giants", which highlighted the speed of consolidation went up a notch in 2018. While these reports give the color behind the dealmaking boom in the sector, the idea behind the Seafood Dealmakers’ Just under $3.90 billion was spent on seafood mergers and Database is to provide dealmakers in the sector with all the acquisitions (M&A) in 2018, more than 2017 ($1.69bn) and main players in one place. 2016 ($1.88bn) combined, according to data compiled from transactions where the sale value was revealed or could be The database already contains 357 companies we have reported estimated. on as having been involved in M&A in the sector since January 2015, including contact details. The 357 includes 235 trade Last year could have even rivaled 2015, when $5.83bn was players and 88 private equity and investment houses that have spent on deals where the value was revealed, driven by made or been linked to seafood M&A since 2015, with contact massive buyouts of feed firms EWOS Group and Nutreco, if a details for each. The database also includes contact details for series of announced deals and open sale processes had closed the 34 advisers who have worked on the buy or sell side on in the year. It looks likely 2019 will be even better. seafood deals since the start of 2015.

The first quarter of 2019 has gotSAMPLE the year off to a strong As new deals happen, we will keep updating the database to start, with the closing of Agrosuper’s $840 million deal for keep you informed on the most recent players in seafood M&A. Empresas AquaChile taking the overall spend to $1.19bn. Q2 is also set to be strong, with the $922m Legend Holdings buyout for Chilean salmon farmer Australis Seafoods set to close at the end of June and Platinum Equity’s $550m-plus deal for Grupo Iberica de Congelados (Iberconsa) done.

8 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

What’s in the database

The first section of the database features contacts for the The fourth section contains contact details for all the banks dealmakers -- trade, financial and banks/advisory firms -- and M&A advisory firms that have worked on deals from Q1 of who have done deals in the most recent quarter. 2015 to the current quarter. Then, database subscribers also get access to a spreadsheet listing all the deals in the sector Then, the second section features all the entries for trade from the start of 2015 to the current quarter. players that have made deals from Q1 of 2015 to the recent quarter, with the third containing all the private equities and financial sector players that have done or been linked to seafood deals in the same period.

SAMPLE

9 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

HC Wainwright & Co.

COUNTRY ADDRESS TELEPHONE USA 430 Park Avenue, New York City, New York

KEY EXECUTIVE

DEALS IN 2015-2019 DEALS IN Q2, 2019 N/A AquaBounty Technologies second public offering, April 2019

Lazard

COUNTRY ADDRESS TELEPHONE USA 30 Rockefeller Plaza, New York City, New York

KEY EXECUTIVE EMAIL

DEALS IN 2017-2019

Archer Daniels Midland buys Neovia, February 2019, PREVIOUS SEAFOOD DEALS buy side | Platinum Equity buys Grupo Iberica de N/A Congelados, June 2019, buy side

Nomura

COUNTRY ADDRESS TELEPHONE Japan 1-9-1 Nihonbashi, Chuo-ku, SAMPLETokyo 103-8011 KEY EXECUTIVE EMAIL DEALS IN 2015-2019 N/A

???? DEALS IN Q2, 2019 Platinum Equity buys Grupo Iberica de Congelados, June 2019, sell side

14 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Ireland Strategic Investment Fund

OWNERSHIP ADDRESS ADDRESS TELEPHONE National??? Treasury ??? Treasury Building, 2 Grand ????Canal Street, Dublin Management Agency

COUNTRY TELEPHONE COUNTRY???? EMAIL Ireland ????

KEY EXECUTIVE EMAIL ???KEY EXECUTIVE

DEALS LINKED TO INVESTMENTS TO BE CONFIRMED ASSETS UNDER MANAGEMENT N/A N/A N/A ASSETS UNDER MANAGEMENT €8 billion CURRENT SEAFOOD INVESTMENTS INVESTMENTS TO BE CONFIRMED N/A N/A PAST INVESTMENTS N/A CURRENT SEAFOOD INVESTMENTS Donegal Catch, June 2019 | Green Isle Brands, DEALS LINKED TO PAST INVESTMENTS JuneN/A 2019 N/A

Kverva

OWNERSHIP ADDRESS ADDRESS DEALS LINKED TELEPHONETO ???Private Brattorkaia 15,??? Trondheim Nergard, March???? 2017

COUNTRY ASSETS UNDER MANAGEMENT COUNTRY TELEPHONE ???? EMAIL N/A Norway ?

KEY EXECUTIVE INVESTMENTS TO BE CONFIRMED ???KEY EXECUTIVE N/A EMAIL

PAST INVESTMENTS ETS UNDER MANAGEMENT INVESTMENTS TO BE CONFIRMED N/A N/A N/A

17 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Het Urker Zalmhuys

OWNERSHIP ADDRESS Private Burg Van Der Lelystraat 2, Woudrichem

COUNTRY Netherlands TELEPHONE

KEY EXECUTIVE EMAIL

ACTIVITIES KEY SUBSIDIARIES Affish processing

ACQUISITIONS IN 2015-19 KEY SPECIES Affish, May 2019 smoked salmon

Jangaard Export

OWNERSHIP ADDRESS Private Rasmus Rønnebergsgate 21, 6002 Aalesund

COUNTRY Norway TELEPHONE

KEY EXECUTIVE EMAIL

ACTIVITIES KEY SUBSIDIARIES export | processing West-Norway SAMPLE

25 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Premium Brands Holding Corporation

OWNERSHIP ADDRESS Public, 100 - 10991 Shellbridge Way, Toronto Stock Exchange Richmond, British Columbia

COUNTRY TELEPHONE Canada

KEY EXECUTIVES EMAIL

Ready Seafood Co., September 2018 | KEY SPECIES L Walker Seafoods, Fall 2018 lobster | salmon | shellfish | whitefish

Profand Fishing Holding

OWNERSHIP ADDRESS Private Avda. Garcia Barbon 62 Bloque 1, Entreplanta, Vigo

COUNTRY Spain TELEPHONE

KEY EXECUTIVE EMAIL

ACQUISITIONS IN 2015-19 Stavis Seafoods, January 2018 | KEY SPECIES Seafreeze (75%), May 2019 argentine shrimp | halibut | octopus | squid

29 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Sea Delight Group

OWNERSHIP ADDRESS Private 12510 W Atlantic Blvd, Coral Springs, Florida

COUNTRY USA TELEPHONE

KEY EXECUTIVE

KEY SUBSIDIARIES Sea Delight Ocean Fund ACTIVITIES processing | supply | wholesale

ACQUISITIONS IN 2015-19 Bonamar brands and intellectual property, KEY SPECIES May 2019 smoked fish | pre-cooked fish

StarChain USA

OWNERSHIP ADDRESS Private 11735 Pointe Pl. Roswell, Georgia

COUNTRY USA TELEPHONE

KEY EXECUTIVE

ACQUISITIONS IN 2015-19 Four Captain D’s restaurants, May 2019 ACTIVITIES SAMPLEfoodservice franchise holder

KEY SUBSIDIARIES Checkers & Rally’s | Captain D’s | KEY SPECIES Yogli Mogli | Which Wich N/A

31 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Yoshimura Food Holdings

OWNERSHIP ADDRESS ACTIVITIES Public Fukoku Life Building, 18th Floor, 2-2- processing 2, Uchisaiwai-cho, Chiyoda-ku, Tokyo

COUNTRY Japan TELEPHONE KEY SPECIES N/A

KEY EXECUTIVE EMAIL

ACQUISITIONS IN 2015-19 Yamani Noguchi Fishery (100%, $779,000), September 2017 | 70% of Pacific Sorbi, April 2019

Zendal

OWNERSHIP ADDRESS Private Place a Relva, S / N 36410 O Porrino, Pontevedra

COUNTRY

Spain TELEPHONE

KEY EXECUTIVE

ACQUISITIONS IN 2015-19 AquaTreck Animal SAMPLEHealth JV, April 2019 ACTIVITIES animal health

KEY SUBSIDIARIES CZ Vaccines | Biofabri | Probisearch | KEY SPECIES Bialactis | Zinereo Pharma N/A

33 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Baker Tilly International

COUNTRY ADDRESS TELEPHONE UK New Bridge Street House, 30-34 New Bridge Street, EC4V 6BJ

KEY EXECUTIVES EMAIL

DEALS IN 2015-2019 Presteve Foods buys La Nassa Foods from Tony Giacalone, February 2017, sell side (as Collins Barrow, now Baker Tilly Canada)

BB&T Capital Markets

COUNTRY ADDRESS TELEPHONE USA 901 East Byrd Street, Riverfront Plaza West, Richmond, Virginia

KEY EXECUTIVE

DEALS IN 2015-2019 Palladium Equity Partners invests in Quirch Foods Co., December 2018, buy side

Bigelow

COUNTRY ADDRESS TELEPHONE USA One Harbour Place, SAMPLEPortsmouth, New Hampshire

KEY EXECUTIVES

DEALS IN 2015-2019 Premium Brands Holding Corporation buys Ready Seafoods, October 2018, sell side

37 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Ernst & Young (EY)

COUNTRY ADDRESS TELEPHONE UK 1 More London Riverside, London, SE1 2AF KEY EXECUTIVE

DEALS IN 2015-2019 Trident Seafoods buys TST The Seafood Traders from insolvency, April 2016, sell side | Clearwater Seafoods buys Macduff Shellfish Group, October 2016, buy side | Platinum Equity buys Grupo Iberica de Congelados, sell side, June 2019

Fasken

COUNTRY ADDRESS TELEPHONE Canada Bay Adelaide Centre, 333 Bay St #2400, Toronto, Ontario, M5H 2T6

KEY EXECUTIVE

DEALS IN 2015-2019 Champlain Financial Corp. buys Cheticamp Fisheries International, May 2017 | Champlain Financial Corp. buys Riverside Lobster International, July 2017 | Champlain Financial Corp. buys Downeast Cape Bald Packers, January 2019, buy side | Champlain Financial Corp. buys Boston Lobster Company, January 2019, buy side

Generational Equity

COUNTRY ADDRESS TELEPHONE USA 14241 Dallas Parkway, SAMPLESuite 700, Dallas, Texas

KEY EXECUTIVE EMAIL

DEALS IN 2015-2019 McCarthy Capital buys MacKnight Food Group’s US smokehouses, February 2019, sell side

40 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Butterfly Equity

OWNERSHIP ADDRESS ADDRESS TELEPHONE ??? Private ??? 9595 Wilshire Blvd, Suite 510, Beverly???? Hills, California

COUNTRY COUNTRY TELEPHONE ????USA EMAIL ????

KEY EXECUTIVE KEY EXECUTIVES EMAIL

ASSETS UNDER MANAGEMENT ASSETS UNDERINVESTMENTS MANAGEMENT TO BE CONFIRMED N/A N/A N/A CURRENT SEAFOOD INVESTMENTS Pacifico Aquaculture, January 2018 CURRENT SEAFOOD INVESTMENTS INVESTMENTS TO BE CONFIRMED N/A N/A PAST INVESTMENTS N/A DEALS LINKED TO Nireus Aquaculture and Selonda DEALS LINKED TO PAST INVESTMENTS AquacultureN/A sale process, 2017-2018 N/A

CapVest Partners

OWNERSHIP ADDRESSADDRESS ASSETS UNDERTELEPHONE MANAGEMENT Private??? 100??? Pall Mall, London, N/A ???? SW1Y 5NQ

COUNTRY COUNTRY ???? EMAIL UK INVESTMENTS TO BE CONFIRMED TELEPHONE???? N/A

KEY KEY? EXECUTIVE

DEALS LINKED TO EMAIL ASSETS UNDER MANAGEMENT INVESTMENTSYoung’s TO BE Seafood,CONFIRMED 2018-2019 N/A N/A CURRENT SEAFOODSAMPLE INVESTMENTS CURRENTN/A SEAFOOD INVESTMENTS N/A PAST INVESTMENTS N/A

PASTDEALS INVESTMENTS LINKED TO FoodVestN/A Group (including Young’s Seafood and Findus), sold to Lion Capital for $1.1bn in 2008

60 60 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Golden Springs Group

OWNERSHIP ADDRESSADDRESS TELEPHONE ???Private 0202??? Goldbell Towers, 47 Scotts Road ????

COUNTRY TELEPHONE ????Singapore N/AEMAIL ????

KEY EXECUTIVE EMAIL KEY EXECUTIVE

ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT N/A INVESTMENTS TO BE CONFIRMED N/A N/ADEALS LINKED TO

N/A INVESTMENTS TO BE CONFIRMED CURRENT SEAFOOD INVESTMENTS N/A N/A PAST INVESTMENTS N/A CURRENT SEAFOOD INVESTMENTS PAST INVESTMENTS Regal Springs, September 2015 | Gold Coin Group, sold to Pilmico International, owned by Aboitiz DEALS LINKED TO RegalN/A Springs (100%), August 2016 Equity Ventures, July 2018

H2 Equity Partners

OWNERSHIP ADDRESS ADDRESS TELEPHONE Management??? ??? Oosteinde 19, Amsterdam ????

COUNTRY COUNTRY TELEPHONE Netherlands ???? EMAIL ????

KEYKEY EXECUTIVE EMAIL ?r

INVESTMENTS TO BE CONFIRMED ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT N/A N/A DEALS LINKED TO $557m Shore sale process,SAMPLE May 2019 CURRENT SEAFOOD INVESTMENTS INVESTMENTS TO BE CONFIRMED N/A N/A PAST INVESTMENTS N/A CURRENT SEAFOOD INVESTMENTS Klaas Puul Beheer (undisclosed majority), PAST INVESTMENTS DEALS LINKED TO AugustN/A 2016 | Foppen Groep, August 2018 N/A

68 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Archer Daniels Midland

OWNERSHIP ADDRESS Public, 77 West Wacker Drive, Suite 4600, New York Stock Exchange Chicago, Ilinois

COUNTRY USA TELEPHONE

KEY EXECUTIVE

EMAIL N/A

ACQUISITIONS IN 2015-19

Neovia, February 2019 ACTIVITIES chemical products | feed

KEY SUBSIDIARIES American River Transportation Company | Gleadell

Agriculture | Golden Peanut Company | Neovia | KEY SPECIES Wild Flavors N/A

Arnarlax

OWNERSHIP ADDRESS Private Strandgata 1, 465 Bíldudalur

COUNTRY TELEPHONE Iceland

KEY EXECUTIVE EMAIL

KEY SUBSIDIARIES ACTIVITIES N/A SAMPLEaquaculture | processing

ACQUISITIONS IN 2015-19 KEY SPECIES Fjardalax, June 2016 Atlantic salmon

107 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Grieg Seafood

OWNERSHIP ADDRESS ACTIVITIES Public Grieg-Gaarden, C. Sundts aquaculture | processing gate 17/19, N-5004 Bergen

COUNTRY TELEPHONE Norway KEY SPECIES Atlantic salmon

KEY EXECUTIVE EMAIL

ACQUISITIONS IN 2015-19 Nordnorsk Smolt (50%), May 2017 | Tytlandsvik Aqua (33%), June 2017

Grupo Nuevo Pescanova

OWNERSHIP ADDRESS Private C/ Jose Fernandez Lopez, s/n, Chapela (Redondela), Pontevedra 36320 COUNTRY Spain TELEPHONE

KEY EXECUTIVE

ACQUISITIONS IN 2015-19 Unick Fish (100%), July 2018 | Abad KEY SPECIES Overseas (30%), March 2019 hake | octopus | salmon | shrimp

145 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

New England Seafood International

OWNERSHIP ADDRESS Private 48 Cox Lane, Chessington, KT9 1TW

COUNTRY TELEPHONE UK

KEY EXECUTIVES EMAIL

KEY SUBSIDIARIES

NESI Grimsby (formerly Albert Darnell) | ACTIVITIES Joii Sushi distribution | processing

New Hope Group

OWNERSHIP ADDRESS Private Floor 11, Block B, Tower 3, Wangjing SOHO, 1 East Futong Avenue, Chaoyang District, Beijing

COUNTRY China TELEPHONE

KEY EXECUTIVE

KEY SUBSIDIARIES ACTIVITIES N/A SAMPLEfeed | importing | processing

ACQUISITIONS IN 2015-19 KEY SPECIES N/A shrimp | tilapia

171 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

SEAFOOD DEALMAKERS’ DATABASE Deals data

After a surge in deals in 2018, this year looks set to be even Last year could have even rivaled 2015 -- when $5.83bn was bigger for seafood mergers and acquisitions (M&A). Just shy of spent on deals where the value was revealed, driven by massive $3.90 billion was spent on seafood M&A in 2018, which surpasses buyouts of feed firms EWOS Group and Nutreco -- if a series 2016 and 2017 combined, when $1.88bn and $1.69bn was spent, of announced deals and open sale processes had closed in the respectively, according to data compiled from transactions where year. These deals, Agrosuper’s $840 million move on Empresas the sale value was revealed or could be estimated. AquaChile, Legend Holdings’ deal for Chile’s Australis Seafoods and Platinum Equity’s buyout of Spain’s Grupo Iberica de Congelados (Iberconsa), all closed in the first half of 2019.

Table 1. Median deal value by quarter 2015-2019, Q2

Median deal value by quarter, 2015-2019,Q2

Q1 Q2 Q3 Q4

2015

2016

2017

2018

2019 - -

Chart 1. Median deal value by quarter 2015-2019, Q2

Deal value (median) by quarter SAMPLE2015 2016 2017 2018 2019

$0 Q1 Q2 Q3 Q4

323 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Table 2. Deal value 2015-2019, Q2

Deal value 2015-2019, Q2

2015 2016 2017 2018 2019 All time

Total deals

Deals with value details

Average

Median

Biggest

Smallest

Total

Chart 2. Deal value 2015-2019, Q2 Deal value (median) 2015- YTD 2019

$0 2015 2016 2017 2018 2019

This year has got off to a flyer, with $2.88bn spent on deals in the In Q1, Agrosuper closed its deal for AquaChile. Then, right at first half, closing in on $3.85bnSAMPLE for all of 2018 and already ahead the end of Q2, China’s Legend closed its $922m entry into of 2016 and 2017, when $1.88bn and $1.69bn was spent. At the Chilean salmon farming, buying Australis. Platinum Equity, a US current rate, 2019 could surpass $5.83bn spent in 2015, especially investment firm, also paid around $556m for a majority stake in if the sale of American Seafoods Group goes ahead, as its main Spain’s Iberconsa. shareholders, Bregal Partners, are valuing the business at over $1.5bn.

324 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

Table 8. 2019, Q1: 5 largest deals by value

2019, Q1: 5 largest deals by value

Based on value available for 10 of 37 deals closed in 2019

Date Acquirer Target Seller Type of deal % of acquisition Value of deal Sell side advisors Buy side advisors Acquirer country Target country Seller country Acquirer activity Target activity Buyer type Cross-sector Cross-border Acquirer sector Target sector

Aquaculture, Feed, Aquaculture, Processing, Feed, Up- and Jan 2019 M&A 100% Chile Chile Chile Industry N N Up- and downstream Processing, WD WD downstream

Feb 2019 M&A 100% USA France France Feed Feed Feed N Y Feed Feed

Aquaculture, IET, Feb 2019 M&A 100% Chile Chile Chile Aquaculture Industry N N Up- and downstream Upstream Processing, WD

Mar 2019 M&A 100% Chile Chile Chile Aquaculture, Processing Processing Industry N N Up- and downstream Downstream

Jan 2019 M&A 100% Oman Oman Oman Processing, WD Other Industry N N Downstream Other

Table 9. 2018, Q1: 5 largest deals by value

2018, Q1: 5 largest deals by value

Based on value available for 50 of 132 deals closed in 2018

Aquaculture, Processing, Feb 2018 IPO 30% Norway Chile Chile Finance Financial Y Y Finance Up- and downstream WD

Mar 2018 M&A N/A USA USA USA Finance Fishing Financial N N Finance Upstream

Mar 2018 M&A 67% Iceland Ireland Ireland Processing, WD Processing, WD Industry Y Y Downstream Downstream

Mar 2018 JV N/A China, Malaysia China N/A Food processing Processing, WD Industry Y Y Other Downstream Jan 2018 M&A 100% SAMPLEUSA Mexico Mexico Finance Aquaculture, Processing Financial Y Y Finance Up- and downstream

Key ** Represents our estimate for the seafood portion of the deal, not the total deal value Acquirer and target sector: refers to primary activity of the acquiring and target company, respectively. For a list of activities and their N/A: reflects data that we were either unable to procure, or that is not applicable in that particular case (such as the seller in a JV abbreviations, see corresponding chapter agreement) Brackets: indicate the name of the subsidiary that carried out the deal Cross-sector: denotes transactions where the target operates in a different sector, and/or species, than the acquirer For the country, where this was ambiguous, we applied the 'mind and management' test. Hence Nomad Foods is listed as UK, for § Represents an average, where the deal value was given as a range instance, despite being registered in the BVI. Cross-border: denotes transactions where the target is based in a different country than the acquirer

334 335 336 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019 SEAFOOD DEALMAKERS' DATABASE BY UNDERCURRENT NEWS 2019

DEALS TIMELINE January 2019

JANUARY 9, 2019 5 JANUARY 8, 2019 7 12 JANUARY 21, 2019 Iceland’s FISK buys two Coast Seafood, partners acquire JANUARY 9, 2019 JANUARY 18, 2019 Processor Quinault Pride buys JANUARY 29, 2019 vessels, quotas for $14.4m Polar Seafood’s Norwegian 8 10 14 1 JANUARY 2, 2019 3 JANUARY 3, 2019 Sweden’s Mondi merges Irish Peru’s Exalmar receives $110m stake in Pacific Harvest Sysco to acquire Illinois broadliner Iceland's FISK-Seafood announced a deal for the whitefish ops China’s XingHe to acquire subsidiary with Dublin’s Nolan loan for refinancing debt Native American-owned seafood processor US aquaculture tech company InnovaSea purchase of two vessels and quotas from a firm Waugh Foods, boost US growth Norwegian exporter Coast Seafood came Quinault Pride Seafood announced that it had Malaysian shrimp producer acquires Nortek called Gjogur, based in Grenivik, North Iceland. Two Irish seafood processors announced they Peruvian fishmeal producer Pesquera Exalmar Sysco, one of the world’s largest foodservice together with partners Brodrene Karlsen purchased an ownership stake in Pacific Harvest were set to merge, with Sweden's Mondi announced a $110 million syndicated loan distribution companies, announced on Jan. 28 that XingHe Holdings, a Chinese producer of edible InnovaSea Systems, a Massachusetts, US-based aquaculture and Gunnar Klo to acquire the Finnmark Seafood, a supplier based in Renton, Washington, Group seemingly the driving force behind from ICP and Interbank on Jan. 15. it would be acquiring Waugh Foods, a broadliner oils, agreed to pay MYR 100 million ($24m) to technology company, agreed to acquire Nortek Akvakultur, county-based whitefish assets of Polar extending its reach beyond Washington state. the merger, which it claimed at the time with about $40 million in annual sales heavily acquire the assets of Pegagau Aquaculture, a a manufacturer of equipment used to track and wirelessly Seafood, according to a press release. would create Ireland's strongest processor. focused on the central part of the US state Illinois. Malaysian vannamei shrimp producer, The Star, report environmental data at net pen sites, the two a Malaysian newspaper, reported. companies announced in a press release issued on Jan. 3.

2 JANUARY 3, 2019 4 JANUARY 8, 2019 6 JANUARY 9, 2019 9 JANUARY 15, 2019 11 JANUARY 20, 2019 13 JANUARY 29, 2019 Iberconsa closes deal for Oman authorities agree $26m HIG Capital Acquires Lipari Foods AKVA working to complete Agrosuper closes deal for Nergard takes stake in pelagic Valastro vessels land deal for tuna canning facility The global private investment firm HIG Capital, sale of subsidiary Wise AquaChile to create world processor, sets up new sales firm with $30 billion of capital under management, Grupo Iberica de Congelados (Iberconsa) The Special Economic Zone Authority in Aquaculture equipment firm AKVA group number two in salmon farming Norwegian whitefish and pelagics company announced it had acquired interests in Lipari was said to have closed a deal for three Duqm (SEZAD) signed an agreement for ROI announced it was working to complete the Nergard bought into pelagic processor Global Foods from Sterling Investment Partners and other Chilean agribusiness conglomerate Agrosuper vessels from Argentina’s Grupo Valastro, as 10 million ($26m) with a domestic processor, divestment of its subsidiary, Wise lausnir, it said. Fish, with the pair establishing a new sales shareholders. announced it had officially acquired 99.71% of the industry awaited the result of the sale which allowed the company to construct a tuna venture, Global Fish co-founder Jan Otto Empresas AquaChile, a deal which created the process of Portobello Capital’s 55% in the canning facility on the authority's land, reported Hoddevik told Undercurrent News. world's second largest salmon farmer. Vigo, Spain-based firm. Muscat Daily.

1. China’s XingHe to acquire 2. Iberconsa closes deal for Valastro 3. US aquaculture tech company 4. Oman authorities agree $26m 2019, when Gjogur will receive two new ships. team to grow the company’s distribution and Mayo's Carr & Son Seafood, effective from "AKVA and Advania are still working with a Fischer families' stakes in the company earlier Harvest as its agent to market the wild- Global's new factory in Floro (Sogn og Fjordane Sysco with more than 70 years of experience, Malaysian shrimp producer vessels InnovaSea acquires Nortek land deal for tuna canning facility Besides the two which are moving, Gjogur also manufacturing platform. However, full terms of March 2019. goal to obtain clearance during the first quarter in 2018. caught salmon, crab, halibut and other tribal county), Lofoten Viking, and 100% Nergard- having been founded as the Waugh Frozen Food owns the Hakon. the deal were not disclosed at the time. of 2019 as previously announced,” a release fishermen-caught seafood that it sells, but the owned Nergard Sild. Company in 1948, according to a press release. The acquisition, which was being handled In a deal previously revealed by Undercurrent Nortek, which had recently moved its Salalah, Oman-based Dhohar Fisheries and "The merger will unite the strongest seafood from the company said. "The operation will strengthen the aquaculture company said the acquisition would give it the The newly acquired business would continue by XingHe’s aquaculture subsidiary, XW News, Iberconsa bought two Valastro hake headquarters from Oslo to Bergen, Norway, Food Industries purchased a 41 square meter The value of FISK's deal was just under ISK 1.7 7. Coast Seafood, partners acquire company in Ireland with the craftsmanship of business and strengthen the spirit of growth ability to increase its marketing efforts. “In Global Fish we should produce around to be managed by Waugh Foods executives, Aquaculture, would involve a combination of freezer trawlers, one squid jigger, a cold was to be combined with InnovaSea’s Realtime plot of land at the Fishery Industries Zone in billion ($14.4 million), it said. Polar Seafood’s Norwegian the western processing company," said Carr 10. Peru’s Exalmar receives $110m and development of the company," said a 65,000 [metric tons], Lofoten Viking do about including Rick Look, the company’s president, internally generated funds and borrowings, storage and processing facility, Spain's Voz de Aquaculture unit to form the InnovaSea Duqm for its packaging and canning project. whitefish ops in a press release at the time. "With much in loan for refinancing debt statement from the company. The Taholah, Washington-based processor is the same, and Nergard Sild do about 40,000t,” Tim Waugh and Joe Waugh, Jr., the company according to the newspaper. Galicia newspaper reported, citing unnamed Instrumentation team, according to the press 6. HIG Capital Acquires Lipari Foods common, the amalgamation will successfully owned by the Quinault Indian Nation. estimated Hoddevik at the time. said at the time. sources. release. The 10-year-old company reports SEZAD said the investment reflected its The three are longtime partners in the salmon keep customers at the leading edge of fish The loan, which has been granted for a five- On Dec. 12, Agrosuper had received the As much as MYR 87.5m is being paid for the having its equipment installed at more than intention of attracting businesses that would According to the release accompanying the sector and were now strengthening their processing through innovation and quality." year term (with the inclusion of a one-year regulatory approval necessary to acquire 67% Pacific Harvest was founded by James 14. Sysco to acquire Illinois farm assets, which include cultivation and If Portobello does proceed with its plan to 300 aquaculture facilities spread throughout make better use of the fishing resources deal, Lipari was founded in 1963 and has its cooperation through the purchase of Polar grace period) was to be used by Exalmar to of AquaChile, the stakes owned by the Puchi Gonzalez, who serves as the company's broadliner Waugh Foods, boost US reservoir ponds, a building and structures, divest its majority stake -- with US-based Norway. It has more than 100 employees. available off Oman's south-east coast. headquarters in Warren, Michigan. The firm Seafood Kjollefjord and Polar Seafood Berlevag. Mondi bought Carr out of receivership in 2014, totally repurchase the company's bonds, as and Fischer families, before launching the president, and reports to be focused on growth plant and machinery equipment, motor fund Platinum Equity now seen as the most describes itself as “a distributor of perimeter- while HJ Nolan had previously been run by well as to refinance its debt. takeover offer to the remaining 33% of public Washington and the Pacific Northwest, selling vehicles and livestock and consumables. The likely buyer -- Iberconsa’s management was InnovaSea reports on its website to be part 5. Iceland’s FISK buys two vessels, of-the-store, specialty, and branded food "The companies have great faith in the Harry James Nolan, grandson of the company’s shareholders two days later. salmon, halibut, Dungeness crab, black cod, The acquisition was just the latest in the 97.9 hectares of land being acquired in Wakuba, also said to have other acquisition targets lined of the Cuna del Mar portfolio, referring to a quotas for $14.4m products, serving over 6,300 customers potential of whitefish,SAMPLE and see great synergy 1912 founder. DNB, Rabobank, and Santander acted as the razor clams and salted salmon Ikura. broadliner consolidation wave that had in the state of Sabah, is reportedly valued at an up. These reportedly include South Africa’s Jackson, Wyoming-based investment group throughout the Midwest and beyond”. opportunities in the whitefish and salmon lead arrangers and bookrunners for Exalmar in The deal, which was reported to be worth up followed the scuttling of the proposed Sysco additional MYR 12.5m. Irving & Johnson (I&J), up-for-grabs octopus that is focused on socially responsible open The two vessels -- Vordur and Askell -- came link," said a joint message from the trio, 9. AKVA working to complete sale of this instance. to $850 million, created the second-largest 13. Nergard takes stake in pelagic merger with US Foods in late 2015 and could processor Discefa and Pesquera Laurak Bat, a ocean aquaculture. with almost 660 metric tons of quota, bringing Lipari, which has a sizeable line of seafood released to accompany the announcement. subsidiary Wise salmon farmer in the world behind Mowi processor, sets up new sales firm yet serve to help balance Sysco’s domestic XingHe said the acquisition was to be Spanish firm which operates a trawler catching Fisk's total quota for the 2018/2019 fishing products, reportedly generates roughly $1bn in 11. Agrosuper closes deal for (formerly Marine Harvest), producing more growth more against its recent international completed in six months time. cod and other whitefish. year to almost 23,000t (or around 6% of the net sales annually. 8. Sweden’s Mondi merges Irish AKVA is selling the business to Icelandic IT AquaChile to create world number than 200,000 metric tons of fish annually. Nergard, via 52.3%-owned subsidiary Lofoten growth. country's total), it said. subsidiary with Dublin’s Nolan company Advania Holding. The estimated final two in salmon farming Viking, took a 40% stake in Global Fish, and the HIG said it would be partnering with the deadline for the Icelandic competition authority 12. Processor Quinault Pride buys trio had already set up Global Fish Sales (GFS), Waugh Foods, an East Peoria, Illinois-based The vessels will be delivered at the end of July Lipari family and the current management Dublin-based HJ Nolan merged with County to clear the transaction was given as June 24, Agrosuper had launched a takeover offer for stake in Pacific Harvest he said. This would handle all the sales from company, will join Houston, Texas-based 2019. all the public shares of AquaChile on Dec. 14, having agreed on a deal for the Puchi and Quinault Pride had previously used Pacific

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DEALS TIMELINE February 2019

5 FEBRUARY 4, 2019 7 FEBRUARY 7, 2019 InnovaSea acquires WMT, adding FEBRUARY 14, 2019 US, Abu Dhabi investors pitch FEBRUARY 8, 2019 FEBRUARY 12, 2019 FEBRUARY 13, 2019 15 19 FEBRUARY 19, 2019 23 FEBRUARY 22, 2019 FEBRUARY 26, 2019 FEBRUARY 27, 2019 3 FEBRUARY 1, 2019 RAS technology, hatchery solutions 9 11 13 17 FEBRUARY 18, 2019 21 FEBRUARY 20, 2019 25 27 FEBRUARY 1, 2019 10,000t farm sale to get Med Salmar takes control of Iceland’s US fund Platinum in tough deal Iceland Seafood to merge Spanish 1 ADM completes $1.8bn deal for Pacific tipped as likely frontrunner New York City smoked fish company Bregal taps banking giants to catch EC approves $500m bass, bream Thai Union to buy out Mitsubishi’s Champlain Financial acquired Downeast, Marks & Spencer agrees deal for joint Blumar’s $50.4m deal for InnovaSea Systems, a Massachusetts, US-based mega-merger through Arnarlax with $21m investment talks to buy Iberconsa units into one entity Neovia, gains girth in aquafeed space company specialized in the design and manufacture in American Seafoods sale process plans multi-use Brooklyn expansion non-seafood investors for largest mega-merger with 10,000t farm 49% stake in shrimp JV Boston Lobster before plants burned venture with digital grocer Ocado Ice Val closes The US and Abu Dhabi investors aiming to create Norwegian salmon farmer SalMar consolidated its of open ocean aquaculture systems, acquired American Seafoods Group kicked off a sale process US at-sea pollock processor Iceland Seafood International (ISI), one of that Archer Daniels Midland Company announced the Acme Smoked Fish Corp., a seafood processor and sale condition US investment firm Platinum Equity was in exclusive Thai Union Group announced a deal for Mitsubishi Champlain Financial Corp., a private equity firm based in UK retailer Marks and Spencer (M&S) announced that it Chilean salmon farmer and fishing firm a Mediterranean seabass and seabream giant investment in Iceland's largest salmon farmer with completion of its acquisition of animal and aquaculture Water Management Technologies (WMT), a Baton Friday in which Undercurrent News sources tipped talks to acquire Spain-based fishing and processing country’s largest seafood suppliers, merged two proposed the sale of 10,000 metric tons of farms wholesaler that got its start more than 100 years Private equity Bregal Partners engaged two a NOK 180 million ($20.8m) share acquisition. Corporation's 49% stake in the Thailand- Montreal, Quebec, acquired Downeast Cape Bald Packers, would be forming a 50/50 joint venture partnership with Blumar completed its $50.4 million deal Rouge, Louisiana-based developer of recirculating Pacific Seafood Group as a likely frontrunner. The European Commission approved the $500 of its operations – Icelandic Iberica and Iceland feed maker Neovia, which created one of the world’s ago in New York City’s most populated borough of company Grupo Iberica de Congelados (Iberconsa), headquartered aquafeed and shrimp breeding a Canadian-US lobster, snow crab and mussel processor, the digital grocery service known as Ocado. for all of coho producer Salmones Ice Val, and other assets in order to get approval from the investment-banking giants to sell its stake in largest animal nutrition businesses with estimated sales aquaculture system (RAS) technology, for an million merger of the three largest Greek seabass but was also said to be looking to pay considerably Seafood Spain -- to create one vertically integrated European Commission’s (EC) competition authority. Brooklyn, announced it was looking to expand as American Seafoods Group, likely in an effort to joint venture TMAC, becoming the sole owner of in January along with the Boston Lobster Company in according to a notice filed to the Chilean undisclosed price. and seabream producing companies, conditional on division selling cod into Southern Europe. of $3.5 billion while simultaneously making itself a more part of a massive new real estate development in attract more bidders from outside the seafood less than the €600 million ($678.52m) valuation of the operation. Massachusetts, Undercurrent News learned. stock exchange. the sale of some assets. serious player in the aquaculture feed space. the area, reported the Wall Street Journal. sector, Undercurrent News learned. current 55% owner Portobello Capital Management.

FEBRUARY 9, 2019 FEBRUARY 13, 2019 FEBRUARY 15, 2019 FEBRUARY 26, 2019 2 FEBRUARY 1, 2019 4 FEBRUARY 1, 2019 6 FEBRUARY 4, 2019 FEBRUARY 7, 2019 10 12 14 FEBRUARY 13, 2019 16 FEBRUARY 18, 2019 20 FEBRUARY 19, 2019 FEBRUARY 21, 2019 24 FEBRUARY 25, 2019 26 8 Mitsui’s $100m investment in Minh Phu 18 22 Broodstock Capital invests in Cooke continues building ‘powerhouse’, South Africa’s Sea Harvest makes offer UK’s Marr eyes deal for Nordic Aquafarms announces AquaChile again okays $340m capital Hendrix targets 10% Ecuador shrimp PE-backed smoker closes deal for Lawsuit charges Bonamar with Longline fishing firm now running large Lineage to acquire Preferred Freezer, Restructuring specialist to take control of Norwegian marine health firm takes overall stake to 31% completes deal for Seajoy to buy all of Australia’s Mareterram Grimsby primary processor plan for California land-based increase to pay for Magallanes deal market share with Nutreco hatchery JV defaulting on $25m loan create cold storage giant Bonamar as Santander drops $22m suit Japanese conglomerate Mitsui & Co. invested $100 MacKnight US salmon ops integrated Hawaii distributor Seafood investor Broodstock Capital bought salmon or trout farm The board of Chilean salmon farmer Empresas US seafood importer, wholesaler and processor Bonamar and Santander Bank reached an agreement Cooke, at last, completed its acquisition of the Seajoy South Africa's Sea Harvest Group made an all-cash Andrew Marr International, the UK’s largest Hendrix Genetics announced it would partner million in the Vietnamese shrimp seller Minh Phu, A salmon smoker backed by a private equity Dang ‘ohana, a longline fishing company in the US Lineage Logistics, a Novi, Michigan-based cold storage into Norwegian marine health player Akerbla, AquaChile signed off on a plan to increase the Bonamar Corp. was in conflict with one of its where an “assignee” specialized in dealing with distressed Group, a fully integrated Latin American shrimp offer to buy the 43% stake in Mareterram it didn’t seafood company by turnover, was working Nordic Aquafarms, the Norwegian company with feed giants Nutreco -- the parent company which brought its stake in the company to 31%, firm closed a deal for the US operations of the state of Hawaii, purchased Fresh Island Fish (FIF), a company, said it had signed a definitive agreement to the Nordic investment fund announced. company's capital by up to $340 million in biggest creditors. firms would take control of the US seafood importer and producer, a deal which gave the Canada-based global already own amid a challenging time for the on a deal to acquire a primary processor in that was already planning to build an of Nordic feed firm Skretting -- and a local shrimp reported Vietnam Net. MacKnight Food Group (MFG), sources told company that reports being one of Hawaii's largest acquire rival Preferred Freezer Services, in Chatham, New order to pay off debts incurred by its $255m processor, with the lender dropping a drive to at least seafood giant a strong presence in yet another sector of Western Australian shrimp fishing and seafood Grimsby, sources told Undercurrent News. Atlantic salmon recirculating aquaculture farmer to significantly expand and upgrade a shrimp Undercurrent News. seafood distributors, from founder Bruce Johnson, Jersey, potentially creating a combined company with purchase of Salmones Magallanes. temporarily seize assets due to a major loan default. the seafood industry. distribution firm. system in Belfast, Maine, made official hatchery on Ecuador's South-Western coastline. according to the Western Pacific Regional Fishery more than 1.3 billion cubic feet of temperature-controlled its plans for another land-based farm in Management Council's winter newsletter. capacity across over 200 facilities in North America, Humboldt, California. Europe and Asia.

1. Blumar’s $50.4m deal for Ice Val Simen Landmark, partner at Broodstock, said continue to expand our portfolio and better 5. InnovaSea acquires WMT, adding offer AUD 0.25 ($0.18) for Mareterram's 8. UK’s Marr eyes deal for Grimsby 9. Pacific tipped as likely Harbor District to lease 30 acres on the Samoa While the seafood company and developer 13. Bregal taps banking giants to tenfold production increase over the next few chairman of the board of Arnarlax, Kjartan 17. EC approves $500m bass, bream 18. PE-backed smoker closes deal for "They are working towards signing”, one 21. Thai Union to buy out on the islands of O‘ahu, Maui, Kaua‘i and the 24. Lineage to acquire Preferred 25. Champlain Financial acquired 26. Restructuring specialist to take 27. Marks & Spencer agrees deal for closes Akerbla had a "highly competent team that has serve our customers,” ADM chairman and CEO RAS technology, hatchery solutions shares, which represented a 22% premium on primary processor frontrunner in American Seafoods peninsula near the town of Eureka, more declined to provide figures, the newspaper catch non-seafood investors for years. Olafsson, confirmed however that he wished to mega-merger with 10,000t farm MacKnight US salmon ops source told Undercurrent News, adding that Mitsubishi’s 49% stake in shrimp JV Big Island, supplying restaurants and retail Freezer, create cold storage giant Downeast, Boston Lobster before control of Bonamar as Santander joint venture with digital grocer succeeded with its strategy of establishing a Juan Luciano said in a statement at the time. the company's last closing price and a 31% sale process than 250 miles northwest of Sacramento, spoke to real-estate professionals who largest US at-sea pollock processor continue as an owner in Arnarlax, and as such sale condition negotiations had been "demanding". markets with pelagic and bottomfish seafood plants burned drops $22m suit Ocado local presence close to its customers". premium on its 30-day average price. the company announced. The new facility estimated that the project could cost more than "We want to build it to an excess of 10% of the would not sell shares in response to the offer. products from both Hawai‘i fishermen and The deal added five concessions located in the The move added hatchery-related solutions Marr had entered talks to acquire Cook & The long-anticipated deal for MFG's US The Thai conglomerate, which had taken a Financial terms of the transaction were not represents a potential $400 million investment $300 million based on property values at the total PL market in Ecuador, which currently SalMar's offer valued Arnarlax at NOK 1.25 foreign sources, according to the newsletter. Aysen region, where three farming centers 4. Cooke continues building to Cuna Del Mar-backed InnovaSea’s existing Lucas Frozen (UK), a UK-based importer and According to Undercurrent sources, Bregal American Seafoods announced on Feb. 8 that Investment firms AMERRA Capital Management smokehouses by Honey Smoked Fish Company, 20. Lawsuit charges Bonamar with 51% stake in TMAC in December 2012, would disclosed, though a press release noted that The deal was done quietly, but sources Jim Howard, a senior managing director at As part of the JV, M&S will acquire 50% of and will, like the Belfast facility, go through a time and construction expenses. today is about 80-100 billion PL [post larvae]; billion, or $144.7m. already operate, with an annual production 3. ADM completes $1.8bn deal for ‘powerhouse’, completes deal for open ocean grow-out offerings, according to a 7. US, Abu Dhabi investors pitch processor seafood hub that also operates a Partners, the main shareholder in American, a process was underway to sell Bregal’s stake, and Mubadala Investment Company would which is backed by Omaha, Nebraska-based defaulting on $25m loan now purchase the remaining 55.3 million significant new equity was committed by informed Undercurrent in late February, GlassRatner Advisory & Capital Group, was Ocado's business for the total sum of £750 phased approach but is expected to ultimately so we want to build it to about 10bn PL capacity of approximately 7,000 metric tons of coho Neovia, gains girth in aquafeed Seajoy press release that announced the deal. 10,000t farm sale to get Med mega- smokehouse and shop, multiple sources said. valued the business at around $1.4 billion, a but did not reveal the names of the financial be permitted to merge Andromeda Seafood, McCarthy Capital, was thought to be done, shares in the company from Japan's Mitsubishi 23. Iceland Seafood to merge existing investors, Stonepeak Partners and D1 and records made public by the Canadian named the assignee for Bonamar, according to million ($999m). This includes a deferred produce 22,680 metric tons of fish annually. fairly quickly, and then we’ll review our The Medley, Florida-based firm and Argenis salmon. space merger through Undercurrent first reported Cook & Lucas was multiple of around ten times its 2018 earnings 12. AquaChile again okays $340m institutions with the sell-side mandate. 16. Mitsui’s $100m investment in Nireus Aquaculture and Selonda Aquaculture sources said. Corporation for THB 110 million ($3.5m). Spanish units into one entity Capital Partners. Competition Bureau, which approved the a document signed by Mavel Ruiz, a Miami- consideration of up to £187.5m, dependent The prospect of the deal was first reported by WMT has, for 25 years, designed and supplied for sale last year. before interest, taxes, depreciation and capital increase to pay for position from there," said Neil Manchester, Minh Phu takes overall stake to 31% after the sale of 10,000 metric tons of farms, Contreras, its founder and CEO, was being acquisition, confirmed it. Dade County, Florida, Circuit Court judge, on on the JV reaching certain financial and The announcement came nearly eight months Undercurrent News in June 2018 but took more New York-based AMERRA Capital Management The company had not yet decided what kind managing director of aquaculture at Hendrix. sued for more than $22m in a New York City Together, ISI said, Icelandic Iberica and Iceland Late in 2018, Undercurrent News reported Ice Val intake, effluent and other RAS technology to amortization. Magallanes deal According to Undercurrent sources, US banking packing stations that fit this production level MFG's CEO and founder Jonathan Brown, who Mitsubishi is also the largest shareholder The merger is expected to close in the second Feb. 25. operational targets after a period of five years. after the Chicago, Illinois-based grain giant than half a year to reach the finish line. and MDC Industry Holding Company, the entity of fish it will raise on the site, though it said In October 2018, Minh Phu had revealed details federal court, the remaining balance of a Seafood Spain would generate an annual had started a sale process after hiring advisory commercial fish farms, aquaculture research It was thought the rationale for the deal was giants J.P. Morgan Chase & Co. and Lazard have and hatcheries that produce 50m pieces of fry, retained a plant in the UK in his native Cumbria of Thai Union, owning 7.29% of the shrimp quarter of 2019, subject to customary closing Details about how much was paid for the two first revealed its plans to acquire Saint-Nollf, being used by Abu Dhabi-based Mubadala it was considering both Atlantic salmon and AquaChile's board signed off on a similar of its plan to issue 75m shares at a value of $25m loan taken out more than two years ago, turnover of €180 million ($204m), while firm Tyndall Group. entities and government hatcheries worldwide, to use Cook & Lucas -- which supplies into In a statement, the company said Bregal, was the engagement to run the sale process. 15. Salmar takes control of Iceland’s according to a statement from the EC on Feb. after the deal, did not respond to a request for farming conglomerate as of December 2018. conditions and regulatory approvals. companies or their sizes were not yet known The intent of the move was “to provide a As a result of the transaction, which is France-based Neovia for €1.5 billion ($1.8bn). By buying Seajoy from Peder Jacobson, who according to the release. Investment Company in the deal, hoped an several processors selling to retail, such as “entering the market looking for new investors, steelhead trout. capital increase in July 2018 following the Arnarlax with $21m investment VND 757 billion ($32.9m) in 2018-19, with its 15. comment from Undercurrent. McCarthy also Undercurrent News learned. maintaining offices in Malaga, Barcelona and at the time, though Neil Zarella, who founded uniform procedure for the administration of expected to close in Q3 2019, Ocado will also Based on details reported earlier, ADM paid founded the company in Ecuador’s Gulf of asset sale would lead to commission approval announcement of the deal for the farmer, charter capital expected to rise to VND 2.15 Vigo, Spain, in addition to multiple smaller 2. Broodstock Capital invests in Caistor Seafoods -- as a chilled production arm starting now”. Bregal “would like to monetize 14. Hendrix targets 10% Ecuador declined to comment at the time. 22. Longline fishing firm now the Boston Lobster Company in 1986, said insolvent estates, and to ensure full reporting be terminating its current sourcing agreement cash and, with Neovia, gained 72 production Guayaquil, in 1979, Cooke gained Pacific for their plans to unite Greece’s two largest which gave it the capacity to raise an extra SalMar entered an agreement to buy 3.27m trillion ($93.5m). The complaint was filed on in the US District sales offices around Spain and Italy. Production Norwegian marine health firm 6. South Africa’s Sea Harvest in a drive to expand its fish business in the UK. their investment, on schedule, after about five 11. New York City smoked fish shrimp market share with NutrecoSAMPLE US-based and Amerra and Mubadala, which is running large integrated Hawaii his operation handles about 4m lbs of lobster to creditors and equal distribution of assets with the UK supermarket chain Waitrose & facilities in 25 countries, a concentration of white shrimp (Litopenaeus vannamei) farms makes offer to buy all of Australia’s farmers, Nireus Aquaculture and Selonda years”. company plans multi-use Brooklyn 23,000 metric tons of salmon in the short- hatchery JV shares in farmer Arnarlax at NOK 55 per share. Abu Dhabi’s sovereign wealth fund, would also 19. US fund Platinum in tough deal Court for the Southern District of New York by distributor sites were maintained in Malaga, Barcelona and annually, roughly 90% of it live and 30% of the according to priorities as established under this Partners. which are in Western Europe, South and Central spread across Honduras and Nicaragua with Aquaculture, with Andromeda Seafood, the term. With its existing 42.0% stake, the investment At the time, the company said there were firms the Santander Bank, which alleged that it gave in the South American country of Argentina, "The objective is to strengthen the service Mareterram expansion have to transfer the know-how in research and talks to buy Iberconsa sales exports. chapter”. America, and Southeast Asia. almost 3,500 hectares (8,650 acres) as well third largest. would take its direct holding in the firm to from the US, Japan and South Korea interested Bonamar a loan for $30m in January 2017 that according to a press release. offering and increase customer benefit through 10. Nordic Aquafarms announces The Netherlands-based Hendrix acquired a breeding programs of Nireus and Selonda to the The acquisition of FIF, a deal that closed in as a 6,000-square-meter processing plant in Acme is working with Rubeinstein Partners, a However, in the wake of AquaChile's sale to 54.2%. in the shares, while Vietnam Investment Review was reduced to $25m in March 2018, and that further investments in knowledge, expertise Mareterram had previously seen its profits dive plan for California land-based majority stake in the Macrobio plant in Salinas, purchaser. Platinum, owned by Tom Gores, a billionaire November, created a more integrated fishing Downeast Cape Bald Packers has been an As a result, Santander dismissed its claim The merger “instantly creates a premier Choluteca, Honduras, capable of producing Amerra acquired Andromeda in 2016, then Philadelphia, Pennsylvania-based real estate Chile's Agrosuper, which owns the farmers Los confirmed on Feb. 4 that Mitsui was one of the the company had been in default since at least That’s nearly half of the €400m in annual and increased R&D focus, as well as ramping 78% for the 12 months ended Dec. 31, 2018, due salmon or trout farm Ecuador, roughly a two hours drive west of who owns US basketball team Detroit Pistons, and distribution company and combined plenty important source of lobster and crab to major against Bonamar, according to another global leader in animal nutrition, while 100,000 pounds of finished product daily. the US fund and Mubadala won out in the sale developer, on a combined 583,000 square Fiordos and Salmones Friosur, that capital raise Following this transaction, SalMar said it would interested parties. November 2018. turnover reportedly generated by ISI, which is up Akerbla's international efforts,” said to a tough fishing picture. Guayaquil. Nutreco and former Ecuadorian was said to still be in talks to acquire Iberconsa, of experience on both sides. foodservice distributor Sysco Corp. and the US document filed in the US District Court for the simultaneously providing a strong platform for process of debt-strapped Nireus and Selonda feet multi-story project on the western edge had been shelved as the integration process also offer to acquire the remaining now partly owned by three large fishing and Broodstock, in a statement. California Marine Investments, a Nordic owners Ecuacultivos would hold minority according to two sources with knowledge of the restaurant chain Red Lobster Seafood Co., other Southern District of New York. future growth. It meets our returns objectives, According to a press release from the time, that ran from 2017-18. Aquafarms subsidiary, entered into an exclusive of Greenpoint, using land already owned and between the companies began and AquaChile's stakes in the hatchery as Hendrix plotted a 12.18m shares in the company, at process. FIF, started by Johnson in 1977, has facilities processing companies. sources told Undercurrent. expands our geographic reach, and helps us pelagics catcher Sea Harvest said it would option agreement with the Humboldt Bay occupied by the seafood company. board was reshuffled. approximately NOK 55.50 per share. The

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DEALS TIMELINE

March 2019 15 MARCH 16, 2019 MARCH 13, 2019 11 Cooke buys another Latin 25 MARCH 27, 2019 Joyvio to push Australis’ region XII 5 MARCH 6, 2019 7 MARCH 8, 2019 9 MARCH 11, 2019 13 MARCH 14, 2019 American shrimp farmer 17 MARCH 18, 2019 19 MARCH 19, 2019 21 MARCH 20, 2019 23 MARCH 25, 2019 Salmon Evolution acquires former 27 MARCH 28, 2019 29 MARCH 28, 2019 plan, aims to hit 100,000t target early Chinese feed giant teams with Canada helps First Nation acquire Nova Merger of Blumar’s St Andrews, BioMar to buy out AquaChile’s Canada-based diversified seafood group Chilean smolt farmer Novofish Blue Star acquires Bonamar Larsen Danish Seafood sold to Ex-Aker execs take over quarry site for land-based farm Aqua-Spark funds Israeli Fortune buys Morey’s St. Louis, Chinese conglomerate Legend Holdings confirmed Cooke bought another Latin American Indonesian firm on plant Scotia lobster facility and distributor Orizon to create 50,000t per year half of 120,000t feed JV plans $30m land-based farm crab inventory Latvian canner Karavela Argentina’s San Arawa Norway's Salmon Evolution, the ongoing project land-based aquatech startup Kansas City ops 1 MARCH 1, 2019 its ambitious plans for Chile's Australis Seafoods, shrimp farmer, having closed a deal for Liaoning Wellhope Agri-Tech Joint Stock Co., Chilean mussel producer Latvia’s Karavela fish cannery acquired to build Europe's largest land-based salmon farm, MARCH 1, 2019 The Glooscap First Nation, a Canadian Mi’kmaq aboriginal and announced it would raise CNY 1 billion ($148.9 Feed firm BioMar Group announced that it Seajoy Group earlier in the year. Chilean salmon smolt farmer Novofish intends Blue Star Foods, a US-based crab wholesaler Former Aker executive Dag Wittusen Israeli aquatech startup BioFishency completed its latest Illinois, US-based processor and distributor Fortune Chile’s Australis buys smaller rival 3 Larsen Danish Seafood, having taken over has acquired the land it intends to develop into a giant Chinese feed firm, announced it had community in the province of Nova Scotia, acquired the Orizon and 50% Blumar-owned St. Andrews-Chiloe million) to fund the purchase. would be buying out Empresas AquaChile from to invest $30 million in a new land-based smolt and importer, had acquired a significant became the full owner of Argentine investment round, in which it has raised $2.4 million from International purchased the St. Louis and Kansas the German-headquartered pelagic canner's its future facility, a company release said. ahead of its own purchase by Joyvio AquaGen buys Scottish Sea partnered on a plant in Indonesia with a big SeaKist Lobster holding facility as well as 52% ownership Seafoods, two Chilean mussel producers, revealed the firms' Chilean joint venture, Alitec Pargua. farming plant, after submitting plans to the amount of the inventory and would continue fishing firm San Arawa, via his investors including the Dutch fund Aqua-Spark, a release City operations of Golden Valley, Minnesota- trading and production activities, Karavela Chilean salmon farmer Australis Seafoods, which Farms’ freshwater hatchery shrimp and seafood processor in the latter. of Yarmouth Bar Fisheries, a distribution company. they were merging operations in the Los Lagos country's environmental assessment service. to service-related client relationships of its Norwegian holding company Pescamar. from the company said. headquartered Morey Seafood International. said in a press release. is itself being bought by a subsidiary of Chinese region to create a combined business that harvests troubled competitor Bonamar, sources told Salmon breeder and egg supplier AquaGen signed a deal to conglomerate Legend Holdings, inked a deal for 50,000 metric tons per year of mussels. Undercurrent News at the Boston seafood show. buy Scottish Sea Farms (SSF)’s freshwater hatchery at Holywood, a smaller Chilean rival, Pesquera Torres del Paine, near Dumfries, as part of a long-term strategic investment that in Punta Arenas, Chile. it hoped would further improve fish welfare in Scotland.

MARCH 20, 2019 2 MARCH 1, 2019 4 MARCH 4, 2019 6 MARCH 7, 2019 8 MARCH 11, 2019 10 MARCH 11, 2019 12 MARCH 14, 2019 14 MARCH 15, 2019 16 MARCH 18, 2019 18 MARCH 18, 2019 20 MARCH 20, 2019 22 24 MARCH 26, 2019 26 MARCH 28, 2019 28 MARCH 28, 2019 30 MARCH 29, 2019 Scottish Salmon Company Merck division acquires US fund Platinum inks deal Sea Harvest close to share Barramundi Asia targets 60,000t Alaska’s APICDA sells Cannon Fish Value of American Seafoods makes Breading firm receives £11.7m Cooke strikes again, Nomad share offering EC to approve Nireus-Selonda asset Cooke not done with farmed, wild Takeover candidate ‘in picture’ for Pescanova ups stake in Indian shrimp Milarex owner Summa completes acquires Hebridean smokehouse Norwegian fish sedative maker to buy Iberconsa buy-out of Aussie shrimp fisher production total across three to E&E Foods PE, industry combo bids likely; big from Scottish gov’t to reopen buys California distributor to raise $348m disposal plan by end of June shrimp deals distressed Dutch shrimp auction processor, plans three sushi plants second round of funding Scan Aqua US investment fund Platinum Equity South African deep-sea fishing company operations The Alaska Pribilof Island Community Development US food firms may get involved Pinneys plant Acquisitive seafood group Cooke The UK's Nomad Foods said it plans AMERRA Captial Management's plan to acquire Cooke has set a target to be one of the world’s largest An auction focused on North Sea shrimp in the wedish private equity Summa Equity raised SEK 6.5 The Scottish Salmon Company (SSC) revealed Grupo Nueva Pescanova has upped its stake in Indian announced that it had signed a definitive Sea Harvest Group fulfilled conditions tied Association (APICDA), the smallest of the state's snapped up a distributor based on the to raise $347.8 million through a Greece's Nireus Aquaculture and Selonda Aquaculture shrimp farmers, having inked deals for Central American Netherlands was close to being bought by a billion ($700 million) as it brought its second round that it had acquired a Hebridean smokehouse Merck & Co.'s MSD Animal Health division, which Singapore's Barramundi Asia said it would The high valuation of American Seafoods Group, Processing firm Bhagat Holdings was awarded shrimp processor Abad Overseas in 2018, the company agreement to acquire a majority stake in to its offer to buy 44% of shares in Australian six community development quota groups, sold US West Coast, the company confirmed freshly underwritten public offering. -- through subsidiary Andromeda Seafood -- was farmers Farallon Aquaculture de Nicaragua and Seajoy wholesaler, reported PZC. of funding to an end, taking the investor's total capital last December, with the information released in a maintains its headquarters in the US state of New maintain its focus on three separate offshore the largest at-sea processor of Alaska pollock, £11.7 million ($15.5m) by the Scottish government revealed in a statement on its 2018 performance in Grupo Iberica de Congelados (Iberconsa) shrimp fishing company Mareterram, which its value-added processing operation Cannon Fish to Undercurrent News during the scheduled to be approved by the end of June, Group in the previous two months, the family-owned commitments to SEK 11bn. stock exchange filing on the company's 2018 Q4. Jersey, signed a definitive agreement to acquire facilities as it targeted total production capacity meant bids from industry players teamed with to facilitate its reopening of the Pinneys plant in March 2019. Company to Seattle, Washington-based processor Boston seafood show. according to various media reports at the time. company’s CEO told Undercurrent News at the Boston Scan Aqua, a Norwegian producer of fish-related from Portobello Capital and affiliates of the valued the firm at AUD 38.6 million ($27m), of over 60,000 metric tons. private equities would be likely, sources told Annan, reported The Scotsman. reported E&E Foods, Apicda said in a press release. seafood show. pharmaceutical products. company’s founding families. Stockhead. Undercurrent News.

1. Chile’s Australis buys smaller rival 3. AquaGen buys Scottish Sea Farms’ 4. Merck division acquires 5. Chinese feed giant teams with and a portfolio of approximately 40 operating 7. Canada helps First Nation acquire The offer required 90% of Mareterram 10. Barramundi Asia targets 60,000t 11. Joyvio to push Australis’ region APICDA planned to use the proceeds from the process the search will likely involve a wider 16. Breading firm receives £11.7m 17. Chilean smolt farmer Novofish 19. Blue Star acquires Bonamar crab 20. Nomad share offering to raise 21. Larsen Danish Seafood sold to 23. Ex-Aker execs take over 24. Cooke not done with farmed, 25. Salmon Evolution acquires survival, due to the volatility of prices for 28. Pescanova ups stake in Indian 29. Fortune buys Morey’s St. Louis, 30. Milarex owner Summa ahead of its own purchase by Joyvio freshwater hatchery Norwegian fish sedative maker Scan Indonesian firm on plant companies. Nova Scotia lobster facility and shareholders accept Sea Harvest’s offer of AUD production total across three XII plan, aims to hit 100,000t target sale to "solidify" its financial position, the cohort of companies outside the seafood sector. from Scottish gov’t to reopen plans $30m land-based farm inventory $348m Latvian canner Karavela Argentina’s San Arawa wild shrimp deals former quarry site for land-based North Sea shrimp. shrimp processor, plans three sushi Kansas City ops completes second round of funding Aqua distributor 0.25 ($0.18) per share to buy their shares off- operations early group said in a release. Pinneys plant farm plants According to Chilean newspaper La Tercera, the The acquisition followed a successful trial Wellhope had invested in an aquafeed Financial terms of the deal were not disclosed, market. Two such companies, Tyson Foods and ConAgra If permitted, the plant will have a capacity for The deal happened roughly at the start of The sale of 17,391,305 of its ordinary shares, The deal, the terms of which were not San Arawa's two vessels would be managed by It’s not only farmed shrimp where the company A takeover candidate “is in the picture” and The acquisition, which closed on April 1, Summa, which invests in companies that tackle deal came with a price tag of $26.5 million. production of eggs under license in the autumn The deal included the new products AQUI-S, a subsidiary of Indonesian firm Seka Bumi, neither was the stake Platinum is buying. The acquisition was made with the help of The Southeast Asian company, which two Via subsidiary Joyvio Group, the firm said 13. BioMar to buy out AquaChile’s Brands, both of which now own downstream Bhagat will create 120 new jobs when it 1,577 metric tons of juvenile salmonids per March, sources said. Though sources declined at a public offering price of $20.00 per share, disclosed, also included the use of the Larsen the Argentine toothfish harvester Estremar, said it was looking to grow, however. Cooke The farmer has acquired the site of a former a deal should happen before the end of 2019, The Spain-based seafood giant took its stake in expands Fortune's brand with additional global issues outlined in the UN's Sustainable of 2018, and would enable the Norwegian- sedative for use during treatment, which is separately expanding its shrimp and However, Spanish publication El Economista a CAD 779,922 ($579,899) contribution by 9. Merger of Blumar’s St Andrews, weeks prior had announced a new recirculating it would raise "no more than" CNY 1bn for half of 120,000t feed JV fish operations using big volumes of pollock, reopens the former Young's Seafood plant for year. It is to be located in the Punta Capacho to identify the amount of Bonamar’s inventory means it hopes to raise a total $347,826,100, brand and closed March 14. themselves owned by the Nordic private equity is also making moves into Argentina’s wild quarry at Indre Haroy from the Fraena local according to PZC. Abad from 15% to 45% and had also created a processing and distribution facilities and Development Goals (SDGs), acquired 75% of Torres del Paine, according to a 2015 article in owned company to offer Scotland’s salmon pumping, transportation, and handling of fish processing capacity, a spokesman for the reported the deal was done at a valuation of Indigenous Services Canada via the Community Orizon to create 50,000t per year aquaculture system (RAS) extension for up to the $880m acquisition of between 95.26% were cited by sources as possible interested production in the autumn of 2019, according to sector, outside of Puerto Montt in the country's that was remaining and how much was paid, before deducting underwriting discounts and Ocean Harvest Invest, which the companies shrimp fishery and had recently bought a fresh authority, where it plans to develop a land- new company, called Katei Alimentacion, which allowed it to increase its "service level and Jerzy Malek's salmon processor Milarex in July Chilean publication Aqua.cl, applied that year farmers a reliable supply of eggs from locally salmon and rainbow trout, and Finquel, an Indonesian firm toldUndercurrent News at the €550 million ($618m). One Undercurrent News Opportunity Readiness Program. Chilean mussel producer 1.8 million new fingerlings per year, operates and 100% of the shares in listed salmon firm The purchase of 50% of the shares will cost parties. the article. Region X (Los Lagos), according to the plans. a March 6 filing in the Miami-Dade County commissions and offering expenses payable by “We are excited about this opportunity and our said was necessary to enable "long-term trawler. Cooke already has a stake in Newfound based farm with 28,000 metric tons of annual 27. Aqua-Spark funds Israeli land- would build three sushi plants in its home footprint in the current market", the company 2017. to local authorities to expand its plant to one farmed AquaGen broodstock. anesthetic widely used in fish farming during time. source who was involved in the process was facilities on the island of Pulau Semakau off the Australis. BioMar $17 million should it be given the green circuit court revealed that the company had Nomad. plan is to expand sales to the German market sustainable operations". Resources, an east coast Canadian company production capacity. based aquatech startup country. said. with a processing capacity of 180 metric tons of the vaccination process and any handling skeptical of this level, however. "I'd have Both operations are located in the town of The two companies said the merger would help southern coast of Singapore. light by regulatory authorities and came after 15. Cooke buys another Latin The Surrey, UK-registered firm adds coatings 18. Cooke strikes again, buys fresh and frozen inventory valued at $13 and strengthen the position of the Larsen brand catching coldwater shrimp. The fund, which to date has 11 different fish per day. It would also facilitate a targeted breeding events that require the fish to be fully The investment is in Karka Nutri Industri, a thought the valuation was closer to €500m," Yarmouth. The Glooscap First Nation is located foster sustainability in the region and capitalize It also said in the statement that the company AquaChile was itself purchased by Agrosuper, American shrimp farmer and panko breadcrumbs to seafood and poultry California distributor million and eight facilities, seven of which are The owner of frozen food brands Iglo, Findus, in the future,” Andris Bite, Karavela's CEO said. Ocean Harvest is itself run by former Aker “This is an important milestone, and fully in The company also received funding from an Pescanova has partnered with Kabuki Fortune will continue to operate the business companies in its portfolio, said its strategy program to identify the genetic and biological anesthetized, such as lice counting, a press Seka Bumi subsidiary producing shrimp feed he said. about 70 kilometers northwest of Halifax, Nova on the “synergy of experience, knowledge and Chairman Andrew Kwan confirmed that would push Australis' region XII farming which already operates in feed. products for food supply companies such as in Florida. and Birds Eye granted underwriters a 30-day executives Webjorn Eikrom and Finn-Arne Glenn Cooke, CEO of the Canada-based group line with our timetable for realizing Europe’s unnamed private investor in China and from Participaciones Industriales, which it has been out of the Morey’s St. Louis facility. The of incorporating SDGs into its long-term 2. Scottish Salmon Company traits most suited to performing well in release clarified at the time. and fish feed, a spokeswoman said. Scotia, and has a total population of 384 with operational strengths". the company had acquired Marine Produce plan, "seeking an early realization of 100,000 Ahead of the Seafood Expo North America Brake Bros, in addition to supplying the 'filet- Cooke confirmed a deal for All Seas Wholesale option to purchase up to 2,608,695 additional 22. EC to approve Nireus-Selonda Lorentsen, while Wittusen retired from family-owned company active in salmon, largest land-based fish farm,” Kristofer Reiten, its domestic owners the Trendlines Group, as it collaborating with on sushi products since facility would be transitioned to Fortune Fish’s framework had shown "strong growth and acquires Hebridean smokehouse Scottish farming conditions, resulting in robust El Economista also reported Portobello will about 289 members off the reserve. Australia, based in Cone Bay, Western Australia [metric] tons of output". AquaChile will make a profit of $4m from the conference in Boston, US, Cooke confirmed o-fish' product to McDonald's stores in eastern of San Francisco, California, having bought JC One source told Undercurrent that a tremendous ordinary shares. All of the ordinary shares to be asset disposal plan by end of June Aker three years ago, although he retains seabass and seabream farming, as well as chair of Salmon Evolution, said at the time. looked to expand its Chinese presence. 2013, on the Katei venture. inventory management system in the next value increase". fish stocks and a high-quality product for Scan Aqua, in Hvam, Norway, is an operational 6. US fund Platinum inks deal to buy re-invest in Iberconsa with its fourth fund and Following the merger, A5 Capital -- a Chilean on Aug. 8 last year, after its bid for the deal, according to its own filing to competition to Undercurrent News the acquisition of Europe, the articleSAMPLE reports. The Indian firm will Seafood, an importer based in Florida, in 2018. discount was provided. sold in the offering are to be sold by Nomad. an advisory association at the firm, he told processing, distribution and wild catch of “The development will also help to strengthen two months "for uniformity and efficiency", SSC acquired the Harris & Lewis Smokehouse, market, it claimed. affiliate of Scanvacc. Iberconsa take 27.5%. Portobello entered Iberconsa at the 8. Sea Harvest close to share capital investment fund -- and Blumar company was reported in late May. At the time, 12. Alaska’s APICDA sells Cannon authorities. Farallon Aquaculture de Nicaragua, a vertically invest £9m ($11.8m) of capital funding in the Preparatory steps to conclude an agreement Undercurrent News. various species, said the company was looking the region.” BioFishency develops water treatments systems The project included the start-up of three the company said. This purchase involved based on the Isle of Lewis in the Upper end of 2015 with its third fund, taking 55%. buy-out of Aussie shrimp fisher will each be 40% owners, while Orizon will it had been understood that the company had Fish to E&E Foods integrated farmer and a supplier of branded site. “I can confirm with you that Cooke Inc. with prospective buyers had already begun, and at more acquisitions as well as organic growth for use in land-based aquaculture projects, factories in the Canary Islands, Andalusia and only the St. Louis and Kansas City operations Hebrides. The acquisition was driven by its The sellers and members of the Iberconsa continue to own 20% of the business. made a bid for the farm of AUD 18.5m ($14m). 14. Value of American Seafoods fresh-frozen shrimp to Asia, Europe and the acquired All Seas Wholesale of San Francisco, it was estimated that an in-principle agreement However, Wittusen denied Aker, an oil, gas and in shrimp. 26. Takeover candidate ‘in picture’ which have been sold to companies in Israel, Castilla y Leon that would generate "around of Morey’s and did not include its Minnesota focus on brand development in international management team will be minority investors The transaction is expected to close in the Sea Harvest, which fishes hake off the coast of The sale, the terms of which were not makes PE, industry combo bids US. CA, in mid-February of this year,” said Joel for the disposal of assets would be approved by seafood conglomerate owned by billionaire Kjell for distressed Dutch shrimp auction India, Congo, Bangladesh, Indonesia and China. 300 jobs", according to the company. manufacturing or distribution operations. markets, with Scottish provenance guaranteed, alongside Platinum, which is owned by second quarter of 2019. South Africa, said its conditional offer to buy Kwan told Undercurrent News that Barramundi disclosed, saw Cannon's Kent, Washington, likely; big US food firms may get Richardson, vice president of public relations the competition commission by June 20. Inge Rokke, had played any part in the deal. The startup said it generated $1.3m in sales it said. SSC did not disclose the cost of the billionaire Tom Gores and also the backer of 44% of shares in Mareterram currently floated Asia had acquired 100% of the firm, having operations -- including equipment and staff -- involved Farallon Nicaragua is headquartered in Leon, with New Brunswick, Canada-based Cooke, in a Zeeuwse Visveilingen, or Zeeland fish auctions from 2018, with additional interest received acquisition. the Detroit Pistons basketball team. Platinum on the Australian Securities Exchange had been noticed certain operational synergies with its moved to the nearby city of Renton, where E&E Nicaragua, employs 384 people, and operates a statement sent to Undercurrent. in English, manages the auction and had from Nigeria and Vietnam for land-based has $13 billion of assets under management met. Sea Harvest already owns the other 56%. own business. planned to consolidate its operations in a single Given that American's largest shareholder, hatchery, three farms and an onsite processing concluded a sale was the only way to guarantee shrimp operations. 76,000 square foot facility. Bregal Partners, hired US banking giants JP plant from four locations. Morgan Chase & Co. and Lazard to run the sale

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DEALS TIMELINE

April 2019 15 APRIL 24, 2019 As Russian Fishery gears up for crab 5 APRIL 10, 2019 7 APRIL 11, 2019 auctions, SZRK to cancel new-builds to participate AquaBounty closes second public Ecuador’s largest shrimp exporter in APRIL 12, 2019 APRIL 15, 2019 APRIL 18, 2019 APRIL 4, 2019 offering talks to sell stake to Mitsui 9 11 13 Russia’s North-West Fishing Consortium (known in 17 APRIL 25, 2019 APRIL 2, 2019 3 1 US firm AquaBounty Technologies closed its Scottish Salmon Company puts £10m US lobster firm Ready buys Canadian As Champlain eyes more shellfish Russia as SZRK), which had just launched a 62-meter, CZ Vaccines, Marinnovac form aquaculture Ecuador’s largest shrimp exporter, Industrial Lion taps Houlihan Lokey to sell Bumble Bee’s Investment funds said to second public offering within a few weeks, into freshwater operations plant to diversify supply, navigate tariffs buyouts, Captain Dan’s boss coy on sale “state of the art” crab-catching vessel, was forced to disease prevention company Pesquera Santa Priscila, was in talks to sell a 25% Canadian ops be eyeing Isidro 1952 following an original announcement on April 8. cancel a series of 10 additional new-builds in order stake to Japanese trading giant Mitsui & Co., CZ Vaccines, an animal health drug company based The Scottish Salmon Company (SSC) announced US processor Ready Seafood snapped up a According to Undercurrent News sources, Champlain to use the money to bid for quotas in the country’s UK-based private equity Lion Capital engaged Houlihan Spain's Isidro 1952 -- previously rebranded according to Undercurrent News sources with in Spain, and Marinnovac, an Irish aquaculture health major new freshwater projects that would see the Canadian plant in order to secure year-round was looking at several acquisition options, with Captain controversial crab auction plan. Lokey to run a sale process for the Canadian arm of from Isidro de la Cal -- was said to be knowledge of the negotiations. solutions company, created the apparent joint venture company invest approximately £10 million in its access to lobsters that can be exported to both Dan’s Seafood, a processor based in St. Dieppe, New Bumble Bee Foods, which owns the Clover Leaf, Brunswick considering several offers from investment AquaTreck Animal Health, which provides “autogenous, operational infrastructure. China and Europe without tariffs, reported the Brunswick, mentioned by several as a target. and Beach Cliff brands, according to Undercurrent News funds, according to La voz de Galicia. experimental and licensed vaccines and novel, Portland Herald. sources with knowledge of the process. innovative, reliable, accurate diagnostic services for the fish and shrimp farming industry”.

APRIL 24, 2019 APRIL 4, 2019 APRIL 5, 2019 APRIL 11, 2019 APRIL 12, 2019 APRIL 12, 2019 APRIL 18, 2019 APRIL 23, 2019 16 2 4 6 8 10 12 14 18 APRIL 26, 2019 Blue Star Foods quietly goes public via US fund acquires R&D firm Center for Maruha Nichiro acquires 33% Bolton set to take full control of Tri SalMar increases Arnarlax ownership Second fund brings Bregal up to Mowi buys RAS ‘cleaner fish’ firm Japan’s Yoshimura snaps up Chile’s Blumar up for grabs as one reverse merger, sets stage for acquisitions Aquaculture Technologies stake in Spain’s Inlet Seafish Marine; US fleet could stay with Curto to 63% $1.25bn in total managed capital in UK Singaporean processor shareholder group wants out US investment fund Cuna del Mar purchased Diversified Japanese giant Maruha Nichiro Italy’s Bolton Group International was set to take full Nordic salmon farmer SalMar upped its stake Vertically integrated Miami, Florida-based blue The UK arm of Norway's Mowi, the world's Private equity Bregal Partners -- key stakeholder Japan's Yoshimura Food Holdings was set to the research and development firm Center for The controlling shareholders of Chile's Blumar Corporation reached an agreement to control of US-based processor and trader Tri Marine, in Iceland's Arnarlax once again, acquiring an swimming crab packing, processing and importing largest salmon farmer, bought a recirculating in American Seafoods Group and Blue Harvest acquire Singaporean fish processor Pacific Aquaculture Technologies, a firm known for its agreed to divest their 79% share in the company acquire 33.3% of Spanish seafood firm Inlet formally creating an integrated tuna business with a additional 8.8% with the close of business on company Blue Star went public quietly, a step the aquaculture system facility producing "cleaner Fisheries -- closed its second fund, bringing Sorbi, NNA Asia reported. work with genetically edited salmon pioneer as one group triggered a get-out clause in a Seafish for an undisclosed sum. turnover of over $2.5 billion, multiple sources in the April 10. chairman and chief sustainability officer and his fellow fish", the company announced. it up to a total of $1.25 billion in committed AquaBounty Technologies. shareholder pact. sector told Undercurrent News. capital under management. owner Carlos Faria told Undercurrent News in April as a prelude to making acquisitions and growth.

1. Investment funds said to be Seafood Connection, part of Maruha since fish immunology and pathology scientists, 5. AquaBounty closes second public Gustav Witzoe's company then placed a cash 8. Second fund brings Bregal up to SSC had also acquired two freshwater facilities that provides the transparency that no other 12. Mowi buys RAS ‘cleaner fish’ firm 13. As Champlain eyes more shellfish Yoshimura acquired 70% of the issued shares of 16. US fund acquires R&D firm Center 17. Lion taps Houlihan Lokey to sell 18. Chile’s Blumar up for grabs as eyeing Isidro 1952 2013, is a European supplier of frozen seafood Pano Christofilogiannis, the new director of offering offer on the Oslo stock exchange on March 13 $1.25bn in total managed capital in the area. These included an on-shore financial mechanism can provide for all parties in UK buyouts, Captain Dan’s boss coy on Pacific Sorbi. The total acquisition cost was JPY for Aquaculture Technologies Bumble Bee’s Canadian ops one shareholder group wants out distributed to retailers and foodservice, AquaTreck, is quoted as saying. to buy all of Arnarlax's remaining shares, the hatchery named Appleburn Couldoran, and a involved,” Faria said. sale 1.63 billion ($14.5 million), with funds to come According to sources in the sector, the company wholesalers and food processing companies. The Maynard, Massachusetts-based creator acceptance period for which ended on April 10. At the time of writing, Bregal was in the nearby facility at Loch Damph, which would Mowi Scotland closed the deal for the Ocean from bank borrowing. It finished the share The price that Cuna del Mar paid to CAT's The Wall Street Journal first reported the Grupo Las Urbinas, linked to the Santa Cruz was looking at offers in order to deal with its Meanwhile, Inlet Seafish has grown to become 4. Bolton set to take full control of of AquAdvantage, a genetically engineered process of selling American Seafoods, but was support increased smolt production as the 11. US lobster firm Ready buys Matters facility, based in Anglesey, North Montreal-based private equity Champlain transfer on May 13. previous owners, the Dutch investment fund sale process and involvement of Houlihan and Yaconi families, decided to quit the seafood significant bank debt, which exceeded €27 a major distributor of frozen seafood in Spain Tri Marine; US fleet could stay with breed of salmon -- which it intends to grow A preliminary count following the offer's also still building up scallop and whitefish business continued to grow. Canadian plant to diversify supply, Wales, on April 15. burst onto the scene in 2017, buying Riverside Linnaeus Capital Partners, was not disclosed. Lokey, which Undercurrent then confirmed. business to invest in other industries, according million ($30.2m) in 2017. since it founded 25 years ago, with a turnover Curto using land-based, recirculating aquaculture closure revealed that SalMar had received supplier Blue Harvest. navigate tariffs Lobster International and Pecheries Cheticamp 15. As Russian Fishery gears up for Undercurrent sources at the time said the to a statement from Blumar. This forced of roughly €55 million ($61m) in 2018. system technology -- sold 2,554,590 shares acceptances for 2,343,511 shares, or 8.8% of 10. Blue Star Foods quietly goes The aquaculture facility will serve Mowi’s Fisheries International. Earlier in 2019, crab auctions, SZRK to cancel new- Cuna del Mar, a Jackson, Wyoming-based process was in its early stages and an Petrohue Investments, linked to the Sarquis Abanca and Santander are the main creditors of A deal between Bolton and Tri Marine’s CEO of common stock at a price of $2.25 per share, the company, which brought SalMar's total The closing of its second fund, Bregal Partners public via reverse merger, sets stage Ready, which is owned by Canada’s Premium “cleaner fish” program – fish that aid in Undercurrent reported Champlain had also builds to participate investment fund, also owns Panama cobia information memorandum had not yet gone family, to also sell its shares. Both groups own the aquaculture company, which has a turnover 3. CZ Vaccines, Marinnovac form and co-founder Renato Curto was said to be generating $5.75 million in funding. ownership to 63.03%, a stock exchange filing II LP, saw it add $650 million of capital for acquisitions Brands, acquired L Walker Seafoods, a small, managing levels of naturally occurring sea lice acquired Cape Bald, prior to fires at two of farmer Open Blue Sea Farms and Boston, out. 78.81% of Blumar, which controls a salmon of close to €50m. aquaculture disease prevention close, according to Undercurrent sources. Bolton reported. commitments sourced from its current limited family-owned live lobster holding, packing and on farm-raised Atlantic salmon by picking and the company’s three plants, as well as US Meanwhile, Russian Fishery Company (RFC) Massachusetts-based aquaculture designer farming business and pelagic fishing assets. company -- which controls canned seafood brands such AquaBounty also granted the underwriters a partners. They said it was their intention to maintain processing plant in Nova Scotia. The deal took eating the tiny crustaceans off their skin, the distributor Boston Lobster Company. brought in a separate CEO for its crab business InnovaSea Systems, among other investments. The sale announced was for all the Bumble 2. Maruha Nichiro acquires 33% as Rio Mare, Saupiquet and Isabel -- bought 45-day option to purchase up to an additional 7. Ecuador’s largest shrimp exporter a low profile a bit longer before making a place in 2018, according to the report. company said at the time. in preparation for government auctions of CAT, which operates labs in San Diego, Bee Canadian business, not just Clover Leaf An investment bank was hired in the 30 days stake in Spain’s Inlet Seafish The newly formed enterprise will be just under 50% of Tri Marine in 2013. 383,188 shares of its common stock at the in talks to sell stake to Mitsui 9. Scottish Salmon Company puts big splash about the development, handling 14. Japan’s Yoshimura snaps up 50% of its crab quotas later in the year. The California, and Prince Edward Island, Canada, Seafoods Co., which owns the biggest shelf- after the announcement, while a sale of the headquartered in the city of O Porrino, in the public offering price per share. £10m into freshwater operations the matter as a “strategic” reverseSAMPLE merger. Nova Scotia lands as much in a six month The Ocean Matters hatchery currently produces Singaporean processor company brought back Roman Linin, its will fit in well to the fund's portfolio, CAT said stable brand in the country for tuna, salmon, stake must occur in the next six months to a Part of the deal was also to come to a majority Spanish province of Pontevedra, but have Both TriMarine and Bolton -- whose founder, The talks had been going on for several months However, a series of filings with the Securities fishing season as Maine does in a year. Having lumpfish (Cyclopterus lumpus), one of two fish former chief financial officer (CFO), as CEO of in a release. clams, oysters, mussels and other snacks. year, the release stated. stake within the next two years. The deal was access to viral vaccine research development Joseph Nissim, had recently passed away aged 6. SalMar increases Arnarlax and were advanced, the sources said. Santiago A new facility in the Applecross estate in and Exchange Commission, discovered by operations in both countries meant Ready species that have proven to be effective cleaner Sorbi would become Yoshimura's third Primcrab, its crab arm, Fedor Kirsanov, RFC’s facilitated through Maruha's Dutch subsidiary facilities in the UK city of Cambridge, sub-unit 100 -- declined to comment to Undercurrent at ownership to 63% Salem, the founder and CEO of Santa Priscila, Wester Ross -- named Applecross Kishorn Undercurrent, blew the surprise. could now source fresh, sturdy lobsters from fish, said Mowi. The company also cultures subsidiary, as part of a plan to "strengthen top executive, told Undercurrent News. Seafood Connection, which snapped up the fish vaccine research and development facilities the time. declined to comment to Undercurrent on the -- is due to be completed in 2020, and will New England in summer and fall, when the Ballan wrasse at other facilities. the collaboration between group companies at frozen seafood operation of Anova Seafood in in Dortmund, Germany, and GMP fish vaccine Previously, SalMar had spent NOK 179.8 million sale’s progression. create a "center of excellence in freshwater “We already have the backing to finance the US season peaks, and from Canada during its home and abroad, and to increase sales in the November 2018. manufacturing facilities in Spain, as well as ($20.85m) on Feb.14, 2019, to increase its stake production", reinforcing the company’s acquisitions and the investors and we decided winter and spring fishing season, according to Asian region". close links with an international network of in Arnarlax from 42% to a majority share of There are others keen to invest in Santa "commitment to innovation and best practice", that the most lucrative way of pursuing this the Herald. 54%. Priscila, but the talks with Mitsui were it said. approach was to do it with a public entity currently exclusive, the sources said.

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DEALS TIMELINE May 2019

MAY 22, 2019 MAY 7, 2019 MAY 10, 2019 18 5 7 12 MAY 15, 2019 Sykes’ Young’s bid comes Captain D’s inks deal with franchisee Nissui widens French portfolio with MAY 15, 2019 East Coast founder Tourkistas partners after strong 2018 for 15 new southern state locations deal for brand new shrimp plant 8 MAY 13, 2019 10 14 MAY 17, 2019 16 MAY 21, 2019 20 MAY 22, 2019 22 MAY 24, 2019 with Spain’s Profand on US fishing deal 1 MAY 1, 2019 3 MAY 2, 2019 Poland’s Graal eyes European Thai Union plans to spin-off feed arm, buy Bencis plans to sell shrimp importer Portugal’s Brasmar plans more chilled The sale process for Young's, which Sea Delight acquires Sebastian, Glacier Fish, Pacific Stevedoring Tennessee, US-based seafood restaurant chain processor, distributor deals further 40% of retail supplier in 2019 Nissui takes 75% stake in UK Dutch salmon processor acquires importer, Japan's Nippon Suisan Kaisha (Nissui) Michael Tourkistas, the founder of US shellfish Shore after more top execs ousted processing M&A after Spanish smoker deal had now been ongoing for more than other former Bonamar brands reveal plans to buy 58 acres in Captain D’s signed a new agreement with processor Flatfish forms €85m group widened the reach of its French operation processor East Coast Seafood Group, partnered a year, had reached a "crunch time", Washington StarChain USA, a Roswell, Georgia-based multi- Acquisitive Polish processor Graal said it Thai Union Group, the world's largest supplier of shelf- Dutch private equity Bencis Capital Partners Sea Delight, a US-based frozen seafood importer Cite Marine through the acquisition of with Profand Fishing Holding on a deal to The Portuguese processor and trader Brasmar, which is according to several sources. operation franchise holder, to develop 15 new was close to completing two deals in its stable tuna and frozen shrimp, announced it would be announced plans to kick off a sale process for and distributor, announced that it had acquired Glacier Fish Co. and Pacific Stevedoring revealed Japan's Nippon Suisan Kaisha (Nissui) acquired Dutch processor Het Urker Zalmhuys took over fellow Nantes-based Miti, the latter's Vincent acquire a New England harvesting company 50% owned by private equity MCH Capital, claimed to have restaurant locations in Arkansas, North Carolina mission to double its revenue, founder and launching Thai Union Feedmill Co. as a separate spin- Shore, its shrimp importing and processing the seafood brands previously owned by Bonamar their plans to buy some 58 acres of waterfront a majority stake in UK processor Flatfish. Netherlands-based import/export operation Affish, Jaumouille told Undercurrent News. which took the Spanish firm past $500 million made plans for multiple acquisitions in 2019 as it pursued and South Carolina over the next several years. board president Boguslaw Kowalski told off, The Nation reported. business, multiple sources told Undercurrent Corp., a now-dissolved Florida-based crab property in Everett, Washington, to use as new the former's managing director, Harm ten Napel, told in turnover. an ambitious double-digit growth target, according to CEO Undercurrent News, during the Seafood News. importer and wholesaler. headquarters and operations. Undercurrent News. Sergio Silva. Expo Global trade show.

2 MAY 1, 2019 4 MAY 3, 2019 6 MAY 8, 2019 9 MAY 14, 2019 11 MAY 15, 2019 13 MAY 16, 2019 15 MAY 17, 2019 17 MAY 21, 2019 19 MAY 22, 2019 21 MAY 23, 2019 23 MAY 29, 2019 Norwegian salted cod exporter buys PE-backed Portuguese processor Barbe, Leuschel JV ‘a gamechanger’ Acquisitive Insula snaps up Danish $1.6bn Alaskan Native group in talks Mitsui agrees to $150m deal for Norwegian pelagic sales firms to merge US RAS company Whole Oceans buys Consolidated Catfish to lease Alabama National Fish assets bought by its Unpaid fee small part of $4.4m Blue Star majority in lossmaking rival buys Spanish salmon smoker for Europe’s mussel industry canner after two fresh deals to buy two largest US Pacific cod 35% stake in Vietnam’s Minh Phu former paper mill property plant from bankrupt SouthFresh Massachusetts landlord Foods agreed to pay for Bonamar crabmeat Norwegian pelagic sales bodies Skagerakfisk and longline catchers Jangaard Export, one of the largest The formation of a joint venture between northern Rogaland Fiskesalgslag announced they would Whole Oceans, one of three companies that recently Consolidated Catfish Producers (CCP), one of the US' NSD Real Estate, National Fish and Seafood's Private equity-backed Portuguese seafood Insula, which is backed by Kverva -- owners of Japan's Mitsui & Co. agreed on a $150 million A lawsuit filed in May in a Florida state court charged US exporters of salted cod from Norway, Europe’s two largest mussel farmers was set to be combine their operations from Jan. 1, 2020, in a move announced plans to build large Atlantic salmon largest catfish processors, reached an agreement with Gloucester, Massachusetts-based landlord, processor Brasmar acquired La Balinesa, Norwegian salmon farmer SalMar -- added three One of the 13 Alaska Native corporations claimed deal to acquire a 35.1% equity interest in importer Blue Star Foods with being late in paying nearly acquired 51% in another supplier of the “a gamechanger”, according to Floris de Groot, the which claimed to create a "more robust and efficient recirculating aquaculture system facilities on the east SouthFresh Aquaculture to execute a long-term lease agreed to purchase the company for a yet a salmon and whitefish smoker based in Danish processors to its growing Nordic seafood to be in talks to acquire Blue North and Clipper Minh Phu Seafood Joint Stock Company, it $315,000 in order to complete its purchase of the now- same products also based in Alesund. director of family-owned Dutch firm Barbe. sales organization for the fishermen". coast of the US, has now acquired the Bucksport, Maine, at its Eutaw, Alabama, processing plant. unidentified sum more than a week after it Spain, the company announced ahead of the processing empire over the start of 2019. Seafoods, the two largest US Pacific cod longline announced. defunct Bonamar Corp.'s crabmeat inventory. Seafood Expo Global trade show. fishing companies, sources with knowledge of the property on which it plans to maintain its operation for closed its operations. sale process told Undercurrent News. an undisclosed price.

1. Nissui takes 75% stake in UK 2. Norwegian salted cod exporter 3. Dutch salmon processor acquires 4. PE-backed Portuguese processor D’s restaurants in the Greenville-Spartanburg, Aquamossel, after a former Barbe brand, and 8. Poland’s Graal eyes European the chief operating officer of Insula’s Amanda Thai Union Feedmill generates sales revenue of Then, in October, sources close to the process first two weeks of May, with Tourkistas in the "It has built a strong position by vertically 15. Norwegian pelagic sales firms to companies that have a wide range of products beginning May 20, according to one source, 19. Consolidated Catfish to lease swimming crabmeat following its hire of planned to rename the company Atlantic Fish & suggested at the time they may invoke eminent The overall purchase of Bonamar's inventory processor Flatfish buys majority in lossmaking rival importer, forms €85m group buys Spanish salmon smoker South Carolina, market and five in the Little partner on trade and processing at Barbe’s processor, distributor deals Seafoods, told Undercurrent News. THB 4 billion-THB 5bn ($126 million-$158m) said the plan was to sell a minority stake in the mix, Undercurrent News confirmed. integrating all stages from shrimp farming to merge and clients, and can be everywhere in Europe. with others adding that Sykes was in a strong Alabama plant from bankrupt former Bonamar executive Alex Cook. The Seafood, resuming production of NFS' Matlaw’s domain to take control of the property where totaled 34,433 cases for which Blue Star paid Rock, Arkansas, region, according to a press facility in Yerseke. Each company produces annually, according to the article. Undercurrent combined company, not all of it, although it processing and sales. Minh Phu's extensive Europe for us is our priority." position. SouthFresh announcement was made in conjunction with stuffed clam line and other products within they hoped to develop maritime freight and $4.4m, Undercurrent learned. And Faria said all Carried out through wholly-owned subsidiary According to Undercurrent News sources, Zalmhuys mainly deals in fresh salmon, while Brasmar, which is jointly owned by release. roughly 10,000 metric tons of mussels per year, Between 2005 and 2008, canner and smoker Insula’s Bornholms deal came after the News reported Thai Union had increased its became clear this was now no longer the case. Tourkistas is the director of an LLC, Fleet range of products, including value-added The merger of the two cooperatives would news that it was joining the National Fisheries a week in its 60,000-square-feet facility in shipyard facilities to support maintenance on but the amount in dispute -- about 7% -- had Nissui Europe, the firm took a 75% share in the Jangaard has acquired 51% in West-Norway, Affish trades a wider variety of items including Spain’s MCH Private Equity and Portugal's De Groot said. Graal did eight acquisitions using the proceeds company snapped up two fresh fish processing stake in the feed firm to 66% in April 2018, Ventures which now owns 75% of the products, are exported to around 50 countries, create one body handling the first-hand sales 17. US RAS company Whole Oceans The UK arm of US-based HPS Investment SouthFresh, a vertically integrated Tuscaloosa, Institute (NFI) Crab Council, becoming its 33rd Gloucester, according to other media accounts. military vessels. been paid. UK company. The acquisition fit with Nissui’s which reported a loss in its latest financial year. shrimp, fish, surimi, squid and mussels. VigentGroup, has also brought in a new Captain D's said the new agreement was the of a listing on the Warsaw stock exchange. In companies, Knud Sondergaard Fiskeeksport from its previous ownership of 51%. One of 12 such US government-authorized harvesting assets of Seafreeze, a firm which notably the United States and Japan." Minh Phu of fish caught from the Swedish border across buys former paper mill property Partners -- which holds a third of the equity Alabama-based catfish farmer, filed for Chapter member, and also the NFI Red Crab Council, strategy to strengthen its seafood supply chain chief operating officer, David Casan Gil, for first with StarChain USA, though the company 7. Nissui widens French portfolio 2017 it then took investment and was taken and Famm Seafood, in the latter part of 2018, native corporations designed to boost the bills itself as the largest producer and trader accounts for approximately 20% of Vietnam's to Rogaland, on Norway's southern tip. in Young’s as well as a chunk of the company’s 11 protection in January in bankruptcy court becoming its 11th member. Speculations had run for the previous week The agreement the Everett City Council in the UK, following its acquisition of Sealord Undercurrent sources were unsure of the reason “We began talks with Affish because we La Balinesa and the whole group, it said. He also maintains franchises for Checkers & with deal for brand new shrimp private, by investor Abris Capital Partners. he said. These have been renamed Insula Hvide Elsewhere, Boonmechote reportedly said the economic development of Alaska Natives, of sea-frozen seafood on the US East Coast, total shrimp exports. The parcel of land, which was previously the high-interest payments in kind note -- was after its 170-employee processing plant lost it a concerning who might try to obtain NFS, after approved would pay about $4.7 million for Caistor in 2017, the pair said in a press release for the deal, but pointed to the rise in raw also wanted to build more options for our previously spent 18 years with Calidad Pascual, Rally’s, Yogli Mogli and Which Wich in the plant Since then it has been looking for opportunities Sande and Insula Hanstholm, respectively, group would be looking to buy a further 40% BBNC, which reported revenue of over $1.6 documents seen by Undercurrent showed. 16. Portugal’s Brasmar plans more location of a paper mill owned by a company said to back the Sykes deal. combined $12 million over a seven-year period, On May 22, Sea Delight reported the additional the company announced on May 10 that it land at the north end of the Kimberly-Clark at the time. material costs and reduced quotas for cod customers, not only in salmon but also other a Spanish dairy company. states of Georgia and South Carolina. StarChain to expand through acquisitions. after the Danish ports in which they are based. stake in Thammachart Seafood Retail later in billion in 2018, was understood to have done 14. Bencis plans to sell shrimp chilled processing M&A after called Verso, was sold to Whole Oceans by as reported earlier by Undercurrent News. news that it had purchased Bonamar's was closing up its operation after 40 years, property, next to the naval base. at the time, the main species for the likes of frozen products.” So, the deal for Affish was would open its first new Captain D's location in Cite first took a 31% stake in Miti back in June 2019, after buying a 25.1% stake in the Thai due diligence on Blue North and Clipper. The The purchase agreement was signed on Jan. 22, importer Shore after more top execs Spanish smoker deal American Iron and Metal (AIM), a metal As had been previously reported by intellectual property, including the notable rendering some 150 employees without jobs. Both Flatfish and Caistor Seafoods, as it is Jangaard Export and West-Norway. driven by the desire to add more of a frozen Buying La Balinesa gives Brasmar a foothold in Gaffney, South Carolina, during the summer. 2018, with the latter's founder, Pierre Roffino, Kowalski was looking to France, Germany, 10. Thai Union plans to spin-off company in July 2018. talks are advanced, although the deal had not 2019, but the deal wouldn’t be officially closed ousted recycling company. Undercurrent News, HPS was said to be in favor The deal to turn over the plant to CCP formed Sebastian brand and other top brands. 23. Unpaid fee small part of $4.4m now named, supply into high-end retail chain department to Zalmhuys, he said at the time. a new product area in smoked fish, adding to selling the portion. A deal for full ownership the UK, and Italy, he said at the time. He told feed arm, buy further 40% of retail been not closed, sources told Undercurrent. until early May. Brasmar had announced the acquisition of of combining Young’s and Sykes, which has a only part of SouthFresh's restructuring plan The company said it had been working to 22. Glacier Fish, Pacific Stevedoring Blue Star Foods agreed to pay for Waitrose and Partners. its mix of cod and cephalopods, the company 6. Barbe, Leuschel JV ‘a was then completed in February 2019, said Undercurrent in 2017 the firm was looking to supplier in 2019 11. $1.6bn Alaskan Native group in ABN Amro had been engaged to run the Spanish salmon and whitefish smoker La "The milestone marks the culmination of many turnover of around £100 million ($127m) and and subject to the court's approval, according reconstruct the teams that made the brands, reveal plans to buy 58 acres in Bonamar crabmeat The combined group was looking at sales of said. According to La Balinesa's website, it gamechanger’ for Europe’s mussel Jaumouille, who then moved from Cite to expand, but now, he said, deals were imminent. talks to buy two largest US Pacific 12. East Coast founder TourkistasSAMPLE 13. Mitsui agrees to $150m deal for process, sources said. The plan was at a very Balinesa on May 3, a deal which Silva told months of permitting as well as negotiations EBITDA of about £10m. Once Sykes adds more to a statement released from CCP at the time. It including Sebastian, successful. Washington some €85 million in 2019, he estimated, based operates from a 14,000 square-meter plant in industry operate Miti. Roffino and his management team The group's president of frozen and related cod longline catchers partners with Spain’s Profand on US 35% stake in Vietnam’s Minh Phu early stage and a teaser was yet to be sent Undercurrent News was likely to be the first of with AIM and is a significant step forward shrimp business into the mix from its plant would mean no disruption in the production of However, the amount was a small percentage on business to that point. Leon. was in place at the time, but would move out of 9. Acquisitive Insula snaps up units, Rittirong Boonmechote, reportedly told fishing deal at the time, while first meetings took place several in 2019. for the project," Whole Oceans said in a press close to Liverpool, UK, the combined business catfish or supply to SouthFresh's customers. 21. National Fish assets bought by its The property, which was previously used as a of the overall deal between the two Miami- Netherlands-based Barbe and Germany’s the company after being sold, he added. Danish canner after two fresh deals The Nation at the 2019 Brussels seafood expo The Bristol Bay Native Corp. (BBNC) planned to Mitsui called Minh Phu the "world's biggest during the following few weeks, sources told release. would have a turnover of around £600m and Massachusetts landlord paper mill by Dallas, Texas-based Kimberly area crab importers that was held back for 5. Captain D’s inks deal with Leuschel, each the largest mussel breeders that Thai Union would be listing Thai Union acquire a majority, if not all, of the two firms Having moved into the US in 2018 with a deal shrimp integrator from farming to processing Undercurrent. "We are continuing to look. There are some EBITDA of about £30m. 20. Sea Delight acquires Sebastian, Clark, would also get a cold storage warehouse "retainage" purposes, giving the buyer more franchisee for 15 new southern state in their respective countries, announced Miti is a specialist in chilled, cooked farmed The acquisitive company, which at the time was Feedmill on the stock exchange of Thailand in and combine them, at a time when the total for Boston, Massachusetts-based processor and sales". The Vietnamese firm owns two opportunities we are looking into now, and we 18. Sykes’ Young’s bid comes after other former Bonamar brands The commercial real estate firm's managing and processing facilities as well as offices and time to make sure it met satisfactory standards locations the formation of a new joint venture with a shrimp products; a good fit with Cite Marine's worth about €650 million ($730m) in turnover, June before making an initial public offering in allowable catch (TAC) and also prices had been Stavis Seafoods, Profand’s IMV Holding processing plants and shrimp farms equivalent hope to close in the next two to three months," strong 2018 partner, Nicholas Osgood, had created a bring as many as 1,200 jobs to the area. following some complaints by customers, potential turnover of up to €45 million. portfolio of chilled and breaded whitefish closed a deal for Danish canned pelagic November. coming down for Pacific cod.Undercurrent first subsidiary closed a deal for Rhode Island’s to an area of 900 hectares in the south of the he told Undercurrent at the Seafood Expo Global Coral Springs, Florida-based Sea Delight separate entity, NSD Seafood, by which he Carlos Faria, a partner at Blue Star, told StarChain also acquired four existing Captain products, he said, at the 2019 Seafood Expo producer Bornholms on May 3, Morten Sander, reported on the sale process in August 2018. Seafreeze from the Goodwin family during the country. in Brussels, Belgium. "We prefer diversified CapVest’s period of exclusivity ended the week revealed in mid-May that it was expanding and two others involved in the firm made There was a problem for the property’s buyers, Undercurrent News. The new joint venture would be named Global in Brussels, Belgium. its product list to include both blue and red the transaction, state records revealed. It however. Commissioners at the Port of Everett

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DEALS TIMELINE

June 2019 15 JUNE 21, 2019 One of US’ oldest seafood wholesalers, 5 JUNE 7, 2019 7 JUNE 13, 2019 M. Slavin & Sons, is no more BioMar closes deal to buy out M. Slavin & Sons, a more than 100-year-old New CP Foods appoints new CEO, takes JUNE 19, 2019 JUNE 19, 2019 JUNE 20, 2019 3 JUNE 3, 2019 AquaChile’s half of 120,000t feed JV toehold into Sri Lanka shrimp farming 9 11 13 York City-based wholesaler with ties to the 17 JUNE 26, 2019 19 JUNE 28, 2019 JUNE 3, 2019 historic Fulton Fish Market, is gone and nearly 50 1 Danish feed maker BioMar Group said it had with acquisition AKVA terminates plan to sell Land acquisition shows Atlantic Sapphire Irish state fund targets domestic, export Owners of Sea Watch, US’ largest Dutch foodservice firm acquires Filing bankruptcy, National Fish assigns $30m employees laid off, Undercurrent News confirmed. Platinum Equity completes Iberconsa closed a deal to buy out AquaChile’s stake in the software arm serious about 220,000t salmon goal growth for recently-acquired Green Isle, debt claim to Rabobank Thai food conglomerate Charoen Pokphand Foods clam business, in talks for sale sushi producer deal, Portobello to reinvest firms' Chilean joint venture, Alitec Pargua. Donegal Catch appointed a new CEO, Prasit Boondoungprasert, Aquaculture equipment manufacturer Atlantic Sapphire announced it was on the verge of After the $3 million sale of National Fish and Seafood's (NFS) The owners of Sea Watch International Dutch foodservice company Bracamonte US fund Platinum Equity announced the completion of even as the company announced plans to enter AKVA group announced the sale of its doubling the amount of land it owns in Homestead, Sovereign development program the Ireland Strategic brands and assets to its landlord, the shuttered Massachusetts began a full sale of the $140-million-turnover, Convenient Kitchen (BCK) announced it had the acquisition of a majority stake in Grupo Iberica de shrimp farming in Sri Lanka with the $1.2 million software division, Wise lausnir, is off. Florida, entering into an agreement to buy another 80 Investment Fund (ISIF) was targeting both domestic processor filed for bankruptcy to wind down its affairs and vertically integrated clam company. completed the acquisition of Sushi Ran, a Congelados (Iberconsa) from Spain's Portobello Capital acres for $5 million. and export growth for seafood brands Green Isle handed over a claim to recover a $30m debt that its parent acquisition of 75% of shares in Lotus Aquaculture. producer of Japanese specialties including and affiliates of the company’s founding families. Brands and Donegal Catch, it said. company, Hong Kong's Pacific Andes International Holdings, sushi, based in Leimuiden, near Amsterdam. allegedly owed it, to its biggest creditor, Rabobank.

JUNE 26, 2019 JUNE 3, 2019 JUNE 5, 2019 JUNE 12, 2019 JUNE 19, 2019 JUNE 20, 2019 JUNE 21, 2019 16 2 4 6 8 JUNE 14, 2019 10 12 14 18 JUNE 27, 2019 Australian media firm converts to seafood Loss of Whole Foods processor in Whole Oceans’ parent offers to Fortune acquires Minnesota PAI eyes close to €500m for stake Joyvio to complete $922m deal for Dutch processor to close as part Vinh Hoan earns $4.6m divesting Factory trawler group, Pacific Seafood with deal for 100% of NZ processor Massachusetts another company’s gain buy majority of Canada’s Kuterra distributor in Labeyrie 100% of Australis by end of June of merger processing, China sales arms CEO in mix for American Seafoods salmon farm Whole Foods Markets said it was prepared to turn to Ilinois, US-based processor and distributor Private equity PAI Partners said it was looking Australian media firm xTV Networks unveiled its plan to A Dutch processor owned by Van Meines Vietnam's largest pangasius exporter, Chinese conglomerate Legend Holdings said another, not-yet-named Massachusetts seafood processor The main US factory trawler companies, Arctic Storm Whole Oceans, the future US-Maine-based Fortune International sealed a deal for for close to €500 million for its 43% stake in switch direction entirely and go into seafood processing Vis is set to close at the end of 2019, as it Vinh Hoan Corporation, announced the it would finalize its deal for a 100% stake in to pick up the services needed when it eventually closes Management Company, Aleutian Spray Fisheries, recirculating aquaculture system farmer of Classic Provisions, a Minnesota branded Labeyrie Fine Foods, the €1 billion ($1.13bn) in New Zealand, a share purchase prospectus showed. will merge with fellow seafood operator divestment of two parts of the company, Chilean salmon farmer Australis Seafood by its processing operation in the town of Gloucester, Sefatia Glacier Fish Company and Trident Seafoods, submitted Atlantic salmon, revealed that it was planning to "gourmet products provider and turnover France-based supplier of salmon, VisSpecialist Almelo. one of which brought in VND 107 billion June 27, according to a notice filed by the latter. Romeo Theken -- the city's mayor -- reportedly told the a combined bid for American Seafoods Group (ASG), set up shop on the west coast of Canada, too. distributor", it announced. shrimp, foie gras and other food products. ($4.56 million). Gloucester Standard Times. sources told Undercurrent News.

1. Platinum Equity completes Lazard and Deloitte served as financial advisors 3. Filing bankruptcy, National out of the Classic Provisions facility in 6. PAI eyes close to €500m for stake in the country. CP Foods currently sells food to 9. AKVA terminates plan to sell looking to raise AUD 6 million ($4.12m) from 12. Dutch processor to close as part 13. Irish state fund targets domestic, 14. Vinh Hoan earns $4.6m divesting 15. One of US’ oldest seafood 16. Loss of Whole Foods processor in run by Miami, Florida-based Antarctica 19. Dutch foodservice firm acquires Iberconsa deal, Portobello to to Platinum on the acquisition of Iberconsa. Fish assigns $30m debt claim to Plymouth, Minnesota until it transitions into in Labeyrie Sri Lanka but did not previously grow shrimp software arm existing and new shareholders by issuing 240m of merger export growth for recently-acquired processing, China sales arms wholesalers, M. Slavin & Sons, is no Massachusetts another company’s Advisors, sources told Undercurrent News. sushi producer reinvest Latham & Watkins served as Platinum’s legal Rabobank Fortune Fish’s Minneapolis facility in late there. shares at a price of AUD 0.025 per share. Green Isle, Donegal Catch more gain advisor. Nomura and Ernst & Young (E&Y) summer 2019. There had been talk of an initial public offering The plan had been to sell to Icelandic IT Frans Kegge, commercial director with First, it divested its 35% stake in processing According to industry sources, the shareholders With the acquisition, the parties joined Portobello and members of the Iberconsa served as financial advisors to the sellers. E&Y In a May 29 filing in Massachusetts bankruptcy for Labeyrie, which owns UK processors Farne "This transaction will allow CPF to enter into company Advania Holding. However, the pair This would then be used to fund NZCS' growth Almelo and now managing director of the It acquired the operations from the UK's 2 unit Van Duc Tien Giang, which it first bought A call to the US company’s massive operation The organic retail giant announced June 14 of Sea Watch are prepared to sell up to 100% of forces in the areas of product development management team co-invested alongside also served as the sellers’ legal advisor on the court, the Gloucester, Massachusetts-based 5. BioMar closes deal to buy out Salmon & Trout and Lyons Seafoods and also shrimp business in Sri Lanka due to its market agreed to terminate the transaction "due strategies, said xTV chairman Winton Willesee merged entity -- Amfish -- said Van Meines Sisters Food Group in March, with the latter into in 2014. The financial gain on the sale in the middle of the Fulton Fish Market floor that it was closing its 22,500 square foot, the company, which generated around $22m and commerce, said financial consultancy Platinum, the Los Angeles, California-based transaction. NFS, which had previously sold its assets to AquaChile’s half of 120,000t feed JV 50% of French trout farmer Groupe Aqualande. potential and capabilities in shrimp farming to challenges in obtaining approval...by the in the prospectus. in Amsterdam would close, with production, seeking a buyer since the start of 2018. would more than offset its anticipated profit was answered by a woman reporting to be 60-employee processing facility at Pigeon in earnings before interest, taxes, depreciation Squarefield, which acted as exclusive financial firm said, in a statement at the time. Financial NSD Real Estate, said that it owed creditors However, it became apparent that the original and export opportunities," the company said. Icelandic Competition Authority on acceptable logistics, and sales and administration to be potential, Vinh Hoan said. with OceanBox. The Blue Apron-style seafood Cove, effective August 15. and amortization for 2018. advisor to BCK in the deal. terms of the deal were not disclosed but 2. Whole Oceans’ parent offers to more than $80.4m, including $64.1m in claims The purchase, expected to cost BioMar $17 plan had changed. terms". 11. Land acquisition shows Atlantic centralized at the former Almelo site in Katwijk. ISIF said the move would support over 100 subscription service, which is also based in New Undercurrent News sources put its value at over buy majority of Canada’s Kuterra secured by property. The company indicated million, closed after the company was given the 8. Joyvio to complete $922m deal Sapphire serious about 220,000t jobs at the manufacturing plant in Gurteen, Co It relinquished the stake in order to focus on York, had previously been reported by the New Romeo Theken told the newspaper that she 18. Factory trawler group, Pacific BCK and Sushi Ran aimed to develop new €500 million ($556m), making it the largest salmon farm in the filing that the more than 200 unsecured green light by Chilean regulators, who agreed The strategy was now for PAI to sell, and for for 100% of Australis by end of June AKVA was now once more in the process of salmon goal Sligo, and offices in Naas, Co Kildare, Ireland. its more modern, wholly-owned facilities Vinh York Post to be the only bidder for the company participated in a conference call with Whole Seafood CEO in mix for American products and sales channels together, ever to take place in the Spanish seafood sector. creditors, who are collectively owed over $16m, that the deal would not be subject to pre- southwest France agricultural cooperative evaluating other strategic options for Wise, it Hoan Collagen, Vinh Phuoc Food -- established as it was headed for foreclosure. Foods representatives and confirmed that the Seafoods Squarefield said. Emergent Holdings, its parent company, said it were unlikely to be paid. merger review, BioMar said. Groupe Cooperatif Lur Berri -- which owns the It was revealed the final price had been set at stated at the time. The acquisition, which is expected to close It was the largest investor in a group which in September 2018 to embark on a major new processor is a buyer of Massachusetts Iberconsa CEO Alberto Freire has continued had reached a deal that could give it a majority other half of the group -- to remain in place $921.6 million -- a step up from the $880m in 30 days and is adjacent to the 80 acres of also consisted of the former chief executive expansion plan -- and Thanh Binh Dong Thap, Keen Summit Capital Partners had previously fish. She said she was interested in finding In addition, Frank Dulcich, CEO of West Coast to lead the business following the transfer stake in British Columbia's Kuterra, one of the 4. Fortune acquires Minnesota The sale of the stake in Alitec came after with a new investor. initially announced for the deal back in the fall 10. Australian media firm SAMPLEconverts developed property already owned, is proof the of snacks firm Largo Foods, Maurice Hickey; which is made up of two pangasius plants and a been in charge of selling the firm, with June 20 out if Whole Foods would be willing to sublet processing and distributing giant Pacific of ownership. Platinum, which is owned by oldest land-based growers of salmon in North distributor AquaChile was itself purchased by new owners of 2018. to seafood with deal for 100% of NZ Norwegian recirculating aquaculture system entrepreneur and former founder of Largo, Ray fishmeal factory. listed as the deadline for all bids. At the time its state-of-the-art space to other seafood Seafood Group, teamed up on a bid with some billionaire Tom Gores and also financially America. Agrosuper in January 2019. AquaChile said it 7. CP Foods appoints new CEO, processor (RAS) Atlantic salmon farmer is serious about Coyle; and a number of other private investors. of writing, it’s not yet clear whether OceanBox processing operations looking to expand. community development quota (CDQ) backing. backs the Detroit Pistons basketball team, The acquisition expanded Fortune Fish & expected to make a profit of $4m from the 6. takes toehold into Sri Lanka shrimp Chile's National Economic Prosecutor's Office its new goal of growing 220,000 metric tons of The transaction was supported with bank debt Vinh Hoan also sold off its 25% share in China- had acquired M. Slavin & Sons or merely taken It’s not clear which CDQ group -- or groups has $13 billion of assets under management Emergent's offer required approval by the Gourmet’s gourmet portfolio and presence in Alitec deal. farming with acquisition gave the go-ahead for the deal in May 2019. xTV entered into a share purchase deed, by fish annually by 2030. provided by Ulster Bank. based distribution venture Octogone. It did not over its spot and phone at the Fulton Fish 17. Owners of Sea Watch, US’ largest -- are in the mix with Dulcich, who is already and a portfolio of approximately 40 operating 'Namgis first nation, which currently holds the market, the firm said. which it conditionally agreed to acquire 100% disclose the value of this sale. Market. clam business, in talks for sale a shareholder in American, two sources in the companies. 100% of the operation, but approval was CP Foods said in an exchange filing that it had of the issued capital in New Zealand Coastal In announcing the deal, it said the new The combined businesses would now operate Alaskan fishing industry toldUndercurrent. expected to be received by early July. Fortune will continue to operate the business taken a majority stake in Lotus, giving it access Seafoods (NZCS). It would be renamed ‘New property would also be used to help it "develop under the Green Isle banner, and seek to grow A sale process for Sea Watch, the largest US to shrimp hatcheries, farms and cold storage Zealand Coastal Seafoods Limited’, and was additional vertical integration opportunities". and develop the Green Isle and Donegal Catch clam player, was said to be underway, being brands, ISIF added.

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