Maruha Nichiro: Notice of acquisition of shares in Northcoast Seafoods Ltd.

Notice of acquisition of shares of Northcoast Seafoods Ltd.
Entering the UK market and accelerating seafood sales in Europe

June 1, 2022

Seafood Connection Holding BV (Seacon), a subsidiary of Maruha Nichiro Corporation, has acquired 100% of the shares of Northcoast Seafoods Ltd. With this acquisition, Northcoast becomes a member of the Maruha Nichiro Group.

Northcoast has an office and factory in Grimsby, UK and sells prawns, pangasius, cod, salmon and a wide range of frozen seafood products to large retailers and B to B businesses. across the UK. With this acquisition, the Maruha Nichiro Group will directly enter the UK market and accelerate the expansion of its operations throughout Europe.
UK seafood consumption in Europe ranks fifth (*1) after Italy, Spain, France and Germany. The UK seafood market is expected to continue to grow due to trends represented by the Seafood 2040 initiative (*2), a UK public initiative to promote seafood health and consumption.

*1 Eurostat EU fish market 2020
https://eumofa.eu/documents/20178/415635/EN_The+EU+fish+market_2020.pdf/

*2 Seafood 2040 Initiative
https://www.seafish.org/document/?id=98F10916-276C-414C-84E7-F6870F9CD417

1. Overview of the acquisition

Acquisition of all shares (100%) of Northcoast by Seafood Connection Holding BV
Date of acquisition: May 30, 2022 (date of signature of the agreement)
Price of shares to be acquired: not disclosed under the terms of the agreement.

2. About Northcoast

Created: January 2001
Owner: NIM Limited
Location: South Humberside Industrial Estate, Estate Rd No. 1, Grimsby DN312TB, UK
Number of employees: 120 (at the end of December 2021)
Business activities: seafood trading, seafood processing
HP: http://www.northcoastseafoods.co.uk/

The Maruha Nichiro Group has defined “strategic investment in growth-enhancing enterprises” as a management strategy to improve enterprise value and achieve sustainable growth in its medium-term management plan “For the ocean, for life MRV 2024″(*3). And accelerate the expansion of overseas operations outside of Japan.
This acquisition is part of the management strategy defined in the medium-term management plan and will support the expansion and further growth of the seafood supply chain in Europe. Seacon and its group subsidiaries are the solo entry into the Maruha Nichiro Group’s seafood supply chain in Europe and have rapidly expanded its presence throughout Europe.
With this acquisition of Northcoast, Seacon has seven subsidiaries which maintain its ambition to continue to penetrate other European countries through the global Maruha Nichiro group.

*3 Maruha Nichiro Mid-Term Management Plan “For Ocean, For Life MRV 2024”.
https://www.maruha-nichiro.co.jp/corporate/ir/library/pdf/20220328_MN_management_Plan.pdf

Biography: recent expansion of sales in Europe by Seacon

January 2021

Acquisition of shares in Inlet Seafish SL, which became a subsidiary

Inlet Seafish SL Overview
Creation: 1993
Location: Bras de la Creu, Parcela 1-2-8, Puerto de Sagunto, Valencia, Spain
Commercial activities: import and distribution of frozen seafood throughout Spain and neighboring countries.
HP: https://www.inlet.es/

April 2022

Acquisition of shares in King Fish Selection BV and Horecagroothandel Asiatico BV, which became a subsidiary

Overview of King Fish Selection BV and Horecagroothandel Asiatico BV
Creation: 2004
Location: Lock Keeper 4, 3861 SN, Nijkerk, The Netherlands
Business activities: wholesale of food products, based in the Netherlands, with a strong sales network to Asian restaurants in Germany and the Benelux countries.

Contact for media inquiries:
Corporate Branding Department,
Maruha Nichiro Company
[email protected]


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Tanya S. Norvell