October 16, 2015

In one of the largest private company sales in Scotland’s recent history, Clearwater Seafood announced it has reached an agreement with Change Capital Partners and the Beaton Family to acquire Macduff Shellfish Group Ltd. in its entirety for £94.4 million plus £4 million in seasonal working capital debt for a total £98.4 million.

Founded in 1985 by the Beaton family, Macduff specializes in wild-caught scallops, langoustines, whelks, and crabs, and the acquisition of the company will significantly expand Nova Scotia-based Clearwater’s scale, broaden its access to additional supply, and bring together two similar vertically integrated fishing companies. Canada’s Clearwater is one of the largest seafood companies in North America, dealing in wild caught scallops, lobsters, clams, shrimp, and crabs.

The transaction will allow Clearwater to integrate its vessel management and sustainable harvesting practices, innovative processing technologies along with its global sales, marketing and distribution footprint into Macduff,” said Ian Smith, chief executive for Clearwater. “Our companies have been building a working relationship for more than three years and we are confident Macduff represents a highly attractive investment with a strong strategic fit for Clearwater.”
 

Change Capital Partners acquired a stake in Macduff five years ago, and through the sale, the firm will realize total returns of 2.7 times its invested capital.