Premier Fishing and Brands (Premfish) has hooked its first acquisition since listing on the JSE in March. On Wednesday, the company, which is controlled by black economic empowerment group African Empowerment Equity Investments (AEEI), announced the acquisition of a 53.5% controlling stake in squid specialist Talhado Fishing Enterprises for R106m. Premfish has a dominant position in the south coast lobster market and a fast-growing abalone farming enterprise. The deal looks to represent good value for Premfish, with Talhado reporting consolidated profit after tax of around R51m for the year to end-August. That infers that it bought the squid business on a modest multiple of about four times. Port Elizabeth-based Talhado is believed to generate annual revenue of around R300m. It catches, processes and markets squid with both sea and land-based freezing facilities. It operates 17 vessels and a cold-room facility that can accommodate 800 tonnes of squid. Talhado also secures squid catc...

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