Follow Us on Google
By Chukwuma Umeorah
Tantalizers Plc has signed a Memorandum of Understanding to acquire the assets of Karflex Fisheries Limited and Karflex Investment Limited, Nigeria’s largest indigenous fisheries group, in a transaction that would add 24 fish trawlers and shrimpers, 13 cold room facilities, and related commercial infrastructure to its growing portfolio.
The deal, subject to regulatory approval would mark the most significant step yet in Tantalizers’ post-recapitalisation strategy to reposition itself from a quick service restaurant operator into a diversified foodtainment conglomerate with exposure to Nigeria’s blue economy, foreign exchange-generating seafood exports, and cold-chain logistics.
The target assets would be integrated into Tantalizers Fisheries Limited, a wholly-owned subsidiary through which the group plans to pursue industrial-scale fish trawling, shrimping, seafood processing, and export operations. GTI Capital and United Capital have been appointed financial advisers to conduct legal, financial, technical, operational, environmental, and commercial due diligence within an agreed timeline.
Tantalizers Chairman Alhaji Adam Nuru, represented at the signing by Director Dr. Israel Ovirih, framed the MoU as consistent with the group’s broader mandate to create long-term shareholder value across sectors capable of generating foreign exchange. “Upon completion of this 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,” Ovirih said.
Completion remains subject to satisfactory due diligence, asset valuation, execution of definitive transaction documents, regulatory approvals, and the satisfaction of conditions precedent, standard safeguards that leave the outcome uncertain until those hurdles are cleared.
Tantalizers has previously announced plans to acquire no fewer than 10 fully equipped modern trawlers and has signed a partnership agreement with Heritage Fisheries of New Bedford, Massachusetts, whose chairman, Charlie Quinn, also serves as chairman of Tantalizers Fisheries Nigeria. Quinn’s firm, Quinn Fisheries USA, owns the largest fishing terminals in New Bedford.
Chairman, Karflex, Wilson Samuel noted that the deal represents an opportunity to unlock commercial value from assets accumulated over several years. “We ultimately see Karflex Fisheries becoming a subsidiary of Tantalizers Plc, and our shareholders are excited to see this acquisition completed in record time,” he said.
