Former Oceana Group CEO Francois Kuttel will soon be responsible for landing the catches for the fishing group’s operations in the US. On Friday Oceana confirmed that Kuttel, who resigned as Oceana CEO in February, would pay $31.5m for a 75% stake in Louisiana-based Westbank. Oceana holds the remaining 25% stake in Westbank, which catches fish for its Daybrook fish oil and fish meal subsidiary. US regulations on ownership in the fishing sector precluded Oceana from acquiring the majority stake in Westbank. Kuttel, who is a US citizen, acquired the stake via Makimry Patronus. Kuttel’s emergence as a potential owner of Westbank initially caused some ripples in the market, but Oceana has been quick to give the assurance that the agreement with Kuttel was the most prudent option. Daybrook has access to all the Gulf menhaden species caught by Westbank for an initial term of 30 years. Westbank is headquartered near New Orleans, close to the mouth of the Mississippi River where there is an...
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