Yumbah Aquaculture has completed its takeover of Australia’s largest mussel farmer and processor, Eyre Peninsula Seafoods.
Yumbah says the deal – for an undisclosed sum – will provide a substantial boost to its Port Phillip Bay mussel business in Victoria, and its presence on South Australia’s Eyre Peninsula where it produces abalone and oyster spat.
Chief executive, David Wood, said the transaction was strategically and financially significant, increasing the revenue base of the business by around 30%. “Our ongoing acquisition strategy focuses on well-managed operations of scale, and in this case we also get to leverage our existing Victorian mussel production,” he said.
Eyre Peninsula Seafoods sells more than 2,300 tonnes of mussels under the Boston Bay Mussels and Kinkawooka Mussels brands throughout Australia and in export markets. All current staff will remain with the business following its move to Yumbah.
Chief executive, Mark Andrews, said the transaction would help the company achieve its growth ambitions.
“Yumbah is a recognised innovator and committed to sustainability and growth, and the company’s recognition as an Above and Beyond producer by the Aquaculture Stewardship Council reflects Yumbah’s values, which strongly align with ours,” he said.
“It’s an exciting moment for two businesses with operations in Port Lincoln, but also as two South Australian-based companies with a global shellfish outlook.”
