Three Sixty Capital Partners managed these transactions which involved the divestment of fishing quota, production plant, land and buildings to two separate entities.
January 24, 2014
Sealord and co-owner Aotearoa Fisheries snapped up assets from a fishing company and processor in late 2013
The quota and plant deal is revealed in the Aotearoa annual report, in which the 50% owner of Sealord reported a NZD 6 million annual loss, because of a NZD 22.93m loss in its investment in Sealord, the other half of which is owned by Japan’s Nippon Suisan Kaisha (Nissui).
In October 2013, Aotearoa completed the deal with Anton’s Fisheries, an Auckland-based business with a 40-year history in the fishing industry, in which Aotearoa will assume control of the Anton’s plant and part of its quota.
The plant will be the new center of Aotearoa’s inshore operations, “consolidating activities currently divided between Pukekohe and Halsey Street”, the Maori-controlled company stated.
“The single, larger site will reduce overheads and place Aotearoa Fisheries Inshore in a stronger position for future growth,” the company said.
Sealord, Aotearoa and a third party, Te Ohu Kaimoana, have collectively purchased Anton’s quota shares, with Sealord acquiring half, and Aotearoa and Te Ohu Kaimoana purchasing the other 50%.
Quota from this purchase will be available for purchase by “Iwi”, the general term for the Maori nation, “providing them the opportunity of a greater and more direct involvement in fisheries”, stated Aotearoa.
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