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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.