Sealord Purchased For NZ$207,750,000

JOINT STATEMENT FROM: Brierley Investments Ltd
Nippon Suisan Kaisha (Nissui)
Treaty of Waitangi Fisheries Commission

SEALORD PURCHASED FOR NZ$207,750,000

The Treaty of Waitangi Fisheries Commission (Te Ohu Kai Moana) and Nippon Suisan Kaisha (Nissui) have purchased Brierley Investment Ltd’s (BIL’s) stake in Sealord Group for which BIL will receive a gross consideration of NZ$207,750,000. The sale agreement was signed in Wellington at the weekend.

Commission Chairman Shane Jones said: “we are delighted to form a partnership with Nissui. The key issue for us was selecting the best partner for the further development of Sealord. Nissui is a former shareholder of Sealord and a company with a proven track record in New Zealand.”

Nissui’s New Zealand spokesperson Graeme Harrison said: “in partnership with the Commission, Nissui is planning to grow the business in New Zealand and overseas, and use its skills in processing and marketing to enhance Sealord’s value-added strategy. Already Nissui has plans for investment in processing that will be significant for Nelson and the wider New Zealand seafood industry.”

“Nissui has existing relationships with New Zealand companies including its shareholding in ANZCO Foods Ltd, longstanding sponsorship of the New Zealand Rugby Football Union and customer relationships with Heinz Wattie and Quality Bakers,” Mr Harrison said. “Nissui was a shareholder in Sealord from 1973 to 1990. During that time, Nissui supported Sealord’s onshore development of hoki processing and staff numbers at Sealord grew from about 200 to more than 800.”

BIL Chief Executive Officer Greg Terry said: “over the last seven years, Sealord has become a global company with an international marketing network, with joint ventures in a number of countries around the world. Some time ago, we signalled that Sealord had reached its maximum value under current ownership and that the company needed a partnership with an international industry player. We are pleased it will now have such a partner.”

The transaction is subject to Overseas Investment Commission approval. The price consists of NZ$181,500,000 in cash, payable in full on completion, and the assumption by the purchaser of debt of NZ$26,250,000.

ENDS

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