Maruha Nichiro acquires majority stake in Van der Lee Seafish.
Seafood Connection, a subsidiary of Japan’s Maruha Nichiro, has acquired a 70 percent stake in Netherlands-based processor Van der Lee Seafish in a transaction valued at €40 million ($44.4 million).
The deal includes shares in Van der Lee Seafish’s subsidiary King Fish Selection. Both companies are headquartered in Urk, the Netherlands.
“It’s true Seafood Connection is always eager to expand our product range and sales network for frozen seafood,” said Jan Kaptijn, CEO of Seafood Connection. “Next to our organic growth, M&A is an important way to speed up our growth into the European market.”
According to a Maruha Nichiro filing, Van der Lee Seafish recorded net sales of ¥11.56 billion ($78 million) and profit per share of ¥54,101.
Maruha Nichiro, which announced in March plans to change its trade name to Umios Corp, reported a 1 percent increase in net revenue to ¥1.03 trillion in its most recent financial year to the end of March 2024.
Profit attributable to shareholders rose 12.1 percent to ¥20.8 billion, while operating income declined 10.3 percent to ¥26.5 billion.