Sector News

Joyvio Group agrees to acquire Australis Seafoods for $880m

November 21, 2018
Food & Drink

Chinese foodservice company Joyvio Group, a wholly-owned subsidiary of Legend Holdings, has agreed to acquire Chilean seafood producer Australis Seafoods for $880 million.

Australis produces approximately 64,000 tonnes of salmon per year, accounting for 9% of Chile’s total salmon production. In its last financial year, the company recorded net revenues of $399 million and profits of $73 million.

Joyvio has agreed to acquire 94.47% of the company’s shares, and it claims that the acquisition will guarantee consistent supply of salmon, optimising its supply chain and allowing it to effectively serve its customers as the demand for salmon increases.

A statement from Joyvio said: “Salmon is the most recognised seafood category for consumers worldwide with high nutritional value, high adaptability in taste and it is easy to cook.

“Salmon can be supplied throughout the year, which represents an unparalleled advantage in terms of industry standard, technology leadership and sustainability.

“It is a mandatory food for major retailers and restaurants, and the type of seafood with highest operational value. Due to limited breeding farms in the world and licensed operation requirements, the scarcity of the resources of salmon is increasingly obvious.

“The tight balance between global supply and demand makes upstream resources the most valuable link in the whole industry chain.

“The obtaining of upstream salmon resources will help quickly strengthen the brand and market influence of the seafood businesses of Joyvio Group and will improve its cash returns and profitability.”

By Martin White

Source: FoodBev

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