Ocean Fish Group

We’re pleased to have advised fishing and seafood processing business, Ocean Fish Group, on its sale to international fishing operator, Fortuna Ltd (Fortuna).

Ocean Fish Group is Cornwall’s oldest fishing and processing import-export business, dating back to 1740, and has been owned by the Lakeman family for generations. It has since grown into one of the UK’s few genuinely integrated ‘sea to plate’ providers, supplying UK and European retail, wholesale and food service customers, while also operating its own fishing market.

It has now been acquired by Fortuna Ltd, an international producer and exporter of seafood that is based in the Falkland Islands, in a deal in which our Corporate Finance team acted as the lead sell-side advisers.

Our Corporate Finance team prepared the business for sale by developing detailed marketing materials and running a targeted search process where we approached several potential buyers, before identifying Fortuna as a strong strategic fit to take the business forward. We then led on the negotiations and financial due diligence, managing the process through to a successful completion.

The deal has enabled Fortuna to take its first steps into the UK fishing industry. Meanwhile, Ocean Fish Group will retain its independent brand and culture but will now benefit from Fortuna’s resources, global markets and new species of fish to add to its product range. Both firms will also benefit from the strong operational synergies that exist between them, and under Fortuna’s ownership, the combined group is looking to achieve a turnover of £100 million by 2030.

Tim Spooner, Partner at FRP Corporate Finance, said: “When a family-owned business decides to sell there’s often a greater emphasis on finding a buyer that is a strong cultural fit as well as a strategic one. In Fortuna, we were able to identify a like-minded, multi-generational family business that will help to preserve Ocean Fish Group’s values while providing a compelling platform for future growth.

“With access to new global markets and the potential to build strong operational synergies, this deal marks an exciting time for everyone involved with the business. I look forward to seeing how the team at Ocean Fish takes the business forward in the coming years.”

Leigh Genge, CEO at Ocean Fish Group, added: “This new partnership is the joining of two like-minded businesses with strong cultural and commercial alignment. The access to wider group support will help to strengthen our unique and vertically integrated supply chain and ensure that the Lakeman family heritage is in safe hands.

“I’m grateful for the support from Tim and the team at FRP Corporate Finance in helping us to get this deal over the line. Without them we wouldn’t have been able to connect with the Fortuna team, and their expertise and guidance were crucial in allowing me to navigate this sale of the business.”