Northseafood
Squarefield acted as exclusive financial advisor to Northseafood on the sale to Kyokuyo
On June 11, 2024, the shareholders of Northseafood (or the “Company”) entered into a definitive agreement to sell a majority stake in the Company to Kyokuyo, a Japanese seafood company listed on the Tokyo stock exchange. Under Kyokuyo, a key player in the global seafood industry, Northseafood will become part of an international seafood community, led by one of the strongest players in the industry.
The Netherlands is known as a major European hub for seafood product processing and exports in Europe due to its thriving fisheries industry and numerous processing companies. Since its founding in 1982, Northseafood has been engaged in the procurement, processing, and sales of white fish as well as other seafood products harvested near the Netherlands. The Company’s frozen foods, including processed fishery products and fried foods produced at its plant in Urk, are sold not only within the Netherlands but also across various other nations in Europe, leveraging a broad network of sales channels.
This acquisition allows Kyokuyo to significantly expand its European food production platform, achieving economies of scale by processing marine raw materials sourced globally at Northseafood. Furthermore, this acquisition is anticipated to create synergies in sales capabilities through the reciprocal use of the sales networks of Northseafood and Kocaman in Turkey, a seafood processor acquired by Kyokuyo in January 2024.
The sale of Northseafood was overseen by Squarefield, a leading Food & Agri focused corporate finance advisor with offices in Amsterdam, Frankfurt, and Antwerp.
Northseafood
Northseafood is a leading vertically integrated European fish company. The Company is a private label and co-packaging processor of sustainably caught, deep-frozen fish and seafood products that mainly serves European retailers. Northseafood’s activities include processing, coating, glazing and packaging of its fish products. The Company brings quality and sustainability together in its products, from the North Sea to its customers’ plates. In 2023, Northseafood generated sales of EUR c. 30m and had over 80 employees.
Jan Kramer – Owner of Seafrozen and former director of Northseafood“We, the shareholders of Northseafood, are pleased to announce the (partial) acquisition of our Company by Kyokuyo. This partnership brings together Kyokuyo’s extensive expertise and global network with Northseafood’s established presence in the retail and catering markets.”
“We would like to extend our gratitude to Squarefield for their pleasant and professional support throughout this process. Thanks to their extensive network and in-depth industry knowledge, we were able to connect with our new partner, Kyokuyo. From the very beginning, we as shareholders have enjoyed a smooth and professional collaboration with the partners of Squarefield.”
Kyokuyo
Kyokuyo is a global seafood company, engaging not only in capture fishery but also in trading, processing, and distributing precious seafood from all over the world. The company aims to achieve its mission of growing together with society, contributing to a healthy and happy lifestyle and food culture based on the management of human respect. Kyokuyo strives to attain the highest satisfaction and trust from its business partners and consumers by supplying safe and secure foods. The company generates sales exceeding EUR 1.5bn annually, with over 2,100 employees globally.