Tantalizers Plc has signed a preliminary agreement to acquire one of Nigeria’s biggest indigenous fisheries operators, marking a significant step in the company’s expansion into the nation’s blue economy sector.
The company’s board recently concluded a Memorandum of Understanding with Karflex Fisheries Limited and Karflex Investment Limited for the acquisition of their assets, which are expected to be merged into Tantalizers Fisheries Limited.
Assets covered by the proposed deal include 24 fish trawlers and shrimp vessels, 13 cold storage facilities, as well as other key fisheries-related infrastructure.
Following the execution of the MoU, Tantalizers Fisheries Limited alongside its financial advisers, GTI Capital and United Capital, will begin extensive legal, operational, financial, technical, environmental, and commercial due diligence on the target firms and their assets within an agreed period.
Speaking during the signing ceremony, Chairman of Tantalizers Plc, Alhaji Adam Nuru, represented by the company’s Director, Dr. Israel Ovirih, described the agreement as part of the company’s broader strategy to strengthen its footprint in Nigeria’s seafood and maritime industries.
According to him, Tantalizers, through its subsidiary Tantalizers Fisheries Limited, intends to leverage opportunities in the country’s blue economy reforms by focusing on industrial fishing, shrimp harvesting, seafood processing, cold-chain logistics, exports, and sustainable fisheries development.
He said: “The Board of Tantalizers Plc is pleased with the signing of this MoU and looks forward to the successful completion of the transaction. This marks one of the many strategic mergers and acquisitions undertaken since the acquisition and restructuring of Tantalizers Plc into a Foodtainment Group.
“Upon completion of this Karflex Companies acquisition, the plan is to integrate the assets and operations into Tantalizers Fisheries Limited, resulting in a wholly-owned fishing and trawling business positioned to compete effectively within the local and international seafood market”.
Nuru further stated that the planned acquisition supports the company’s long-term diversification agenda and its drive to create sustainable value in sectors capable of boosting foreign exchange earnings while reinforcing Nigeria’s food security chain.
He reaffirmed the company’s commitment to sustainable growth, increased shareholder value, and its ambition to become a diversified leader across the food, entertainment, hospitality, and blue economy industries.
Also speaking on the development, Chairman of Karflex Fisheries, Wilson Samuel, expressed optimism over the partnership, noting that Tantalizers’ institutional capacity and renewed vision inspired confidence in the future expansion of Karflex assets.
According to him, the company believes the transaction will maximise the commercial potential of the fisheries assets developed by Karflex over the years.
“We are delighted to enter into this MoU with Tantalizers Plc. We believe this transaction represents a significant opportunity to unlock the full commercial value of the assets built over the years by Karflex Fisheries.
“We ultimately see Karflex Fisheries becoming a subsidiary of Tantalizers Plc and our shareholders are excited to seeing Tantalizers Plc successfully completing this acquisition in record time as scheduled,” Samuel said.
The proposed acquisition remains subject to successful due diligence, asset valuation, final negotiations, regulatory clearances, execution of definitive agreements, and other agreed conditions.
Under its “foodtainment” business model, Tantalizers Plc has been pursuing an aggressive expansion strategy aimed at broadening its operations beyond quick-service restaurants into fisheries, entertainment, and technology sectors.
Following its recapitalisation and the emergence of new core investors, the company has intensified efforts to reposition its food business while expanding into commercial fishing through plans to acquire at least 10 modern trawlers. It has also entered a partnership with US-based Heritage Fisheries. The company’s chairman, Charlie Quinn, also serves as Chairman of Tantalizers Fisheries Nigeria and Quinn Fisheries USA, operators of one of the largest fishing terminals in New Bedford.
