Ocean Choice sells Nova Scotia offshore scallop quota, strengthening operations and supporting investment in Newfoundland and Labrador | Ocean Choice International

Ocean Choice sells Nova Scotia offshore scallop quota, strengthening operations and supporting investment in Newfoundland and Labrador

February 22, 2024

Today, Ocean Choice International (Ocean Choice) announced the sale of its offshore Nova Scotia scallop quotas to Mersey Seafoods Limited (Mersey), LaHave Seafoods Limited (LaHave) and Comeau’s Sea Foods Limited (Comeau’s). These three Nova Scotia companies have a long history harvesting sea scallops off the coast of Nova Scotia.

“We are committed to sustainably growing our place in the fishery in Newfoundland and Labrador; and this decision supports our investment and growth in our business and the fishing industry here at home,” says Martin Sullivan, CEO, Ocean Choice. “Selling our scallop quotas consolidates our operations to Newfoundland and Labrador, our home province, reinforcing our commitment to the people and communities who rely on the fishery for employment and economic opportunities,” adds Martin Sullivan.

As part of the agreement announced today, Ocean Choice is also acquiring Newfoundland and Labrador offshore quota for Greenland Halibut and Northern Cod from Mersey, and Greenland Halibut, Northern Cod and Redfish from LaHave, further strengthening our Newfoundland and Labrador based business. LaHave is acquiring Ocean Choice’s Nova Scotia offshore quota for Pollock, Haddock, and Flounder as well as the company’s assets in Riverport, Nova Scotia.

The sale of the scallop quotas strengthens Ocean Choice’s operations and positions the company favorably for future growth and continued investment in its Newfoundland and Labrador operations. In 2024 and beyond, Ocean Choice will be strategically investing in its local processing facilities and offshore fishing vessels to support the sustainable supply of high-quality seafood to its hundreds of customers around the world, positioning the company for future growth internationally.

Ocean Choice has an extensive sales and marketing presence in key scallop markets and has built long-standing relationships with customers in these markets. To ensure continuity of supply for Ocean Choice’s customers, who have come to rely on high-quality scallops harvested in Canada, a sales and marketing agreement has also been reached with Mersey Seafoods that will see Ocean Choice continue to sell Canadian sea scallops to its well-established global customer base.

“Over the last two decades, we have established Ocean Choice as a global leader for sustainable, high-quality seafood,” says Blaine Sullivan, President, Ocean Choice. “As we move into 2024, we are focused on strengthening our business by strategically investing in our operations at home to ensure we continue to have a strong presence globally. It also makes sense for all parties involved that Ocean Choice continues to sell scallops. We are deep in the market and have excellent relationships with major retail, foodservice and industrial customers.”

Ocean Choice has valued its business in the scallop sector in Nova Scotia, and for this reason it was extremely important to find the right buyers for our quotas. “We are confident that Mersey, LaHave and Comeau’s – all of which are family-owned businesses – will continue to be good stewards of the scallop resource and that the future of the scallop fishing sector is in good hands,” adds Martin Sullivan.

Desjardins Capital Markets acted as the exclusive financial advisor to Ocean Choice for this sale.

About Ocean Choice

Ocean Choice is a family-owned and operated Newfoundland and Labrador seafood company. The company employs approximately 1,500 people from over 300 communities throughout the province. Ocean Choice operates fish processing plants and offshore fishing vessels, and it sources seafood from over 1,900 independent fish harvesters from across Newfoundland and Labrador. Ocean Choice has a strong global presence, with international sales offices throughout North America, Europe (United Kingdom, Italy and the Netherlands), China and Japan. For further information about the company, visit: www.oceanchoice.com.





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