A Mintlaw based shellfish processor has agreed that all of its assets are to be acquired by a Canadian company in a £98.4m deal.
Macduff Shellfish Group has entered an agreement for 100% of its assets to be obtained by the Canadian-based Clearwater Seafoods.
Macduff Shellfish has factories in Stornoway and Exeter, as well as Mintlaw.
They employ approximately 400 people at the seasonal peak, specialising in scallops, langoustine, whelk and crab.
Nova Scotia-based Clearwater is one of North America’s largest seafood comapines, employing approximately 1400 people.
Macduff Shellfish will retain its name and operate as a wholly-owned subsidiary of Clearwater.
It is said that the deal will bring access to ‘new markets, investment and opportunities for growth’ for the Scottish company.
Euan Beaton, chairman of Macduff Shellfish, said: “Having reached our goal of building a £52m business, we had one suitor in mind which shares our vision and values to enable us to accelerate our growth on a global scale.
“This deal is great news for our operations in the UK, bringing investment and access to new markets within an extremely successful and respected business. It provides learning and development opportunities for our staff as we share best practices with Clearwater and it gives fishermen access to more markets.”
Ian Smith, CEO of Clearwater, said: “This brings together two of the world’s leading and fastest growing wild shellfish harvesters.
“Our companies have been building a relationship for more than three years and we are confident Macduff represents a highly attractive investment with a strong strategic fit for Clearwater.”