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 EMAIL 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 CURRENT SEAFOODSAMPLE INVESTMENTS CURRENT SEAFOOD INVESTMENTS N/ASalMar, 1991 | Keco, July 2015 | Maxmat, October 2015 | Vastkustfile,PAST MayINVESTMENTS 2016 | Tobo Fisk, November 2016 | N/A Amanda Seafoods (68%), February 2017 | Nordic Group (96%), August 2017 | Batsfjordbruket (83%), August 2017 | Apetit Group (80%), November 2017 | Steinsvik Group and Aqualine (90%), November 2017 | Knud DEALS LINKED TO SondergaardN/A Fiskeeksport, September 2018 | Famm SeafoodBornholms, October 2018 | Bornholms, May 2019 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 KEY SPECIES ACQUISITIONS IN 2015-19 Atlantic cod | Pacific cod | ling | saithe | West-Norway, May 2019 pollock | coley 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 KEY SUBSIDIARIES B&C Food Distributors | Hub City Fisheries ACTIVITIES distribution | exporting | marketing | production ACQUISITIONS IN 2015-19 Frandon Seafood, March 2018 | 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 KEY SUBSIDIARIES ACTIVITIES Puerto Deseado | SofinasSAMPLE | Stavis Seafoods export | fishing | processing | marketing 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