The Commerce Commission has received a clearance application from Sealord Group Limited (Sealord) seeking clearance to acquire the fishing business of Independent Fisheries. Under the proposed acquisition, Sealord would acquire 100% of the shares in Independent Fisheries Limited (including its annual catch entitlement), and other assets including quota, annual catch entitlement, premises, plant and equipment from IFL’s parent company Independent Fisheries Holdings Limited and its related entities.
The Sealord Group is one of the largest seafood businesses in the Southern Hemisphere, employing over 1000 people in New Zealand, and is operated out of Nelson. It is a wholly-owned subsidiary of Kura Limited which itself is owned in equal shares by Nissui Corporation and Aotearoa Fisheries Limited (trading as Moana New Zealand).
Independent Fisheries, like Sealord, is one of the largest deepwater fishing companies in New Zealand, with over 500 staff and vessel crew.
Both parties are primarily active in New Zealand in the harvesting, processing and supply of a range of finfish species. Each processes and exports the large majority of the fish that it catches.
A public version of the clearance application will be available shortly on the Commission’s case register.
Background
We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.
