New Zealand Coastal Seafoods (ASX:NZS) completes acquisition of Nine Ocean Group

New Zealand Coastal Seafoods (ASX:NZS) has completed the acquisition of 100% of the issued capital of Nine Ocean Fishery from the founding shareholders of Nine Ocean.

NZCS says Nine Ocean is a profitable, ESG-focused seafood fishing and high-end seafood product wholesaler/exporter based in Cains, Queensland.

It also says the acquisition will provide NZCS with an established Australian market presence, additional warehouse capacity, optimised supply chains, increased distribution, and a growing revenue pipeline.

NZCS says its received a credit reviewed indicated term sheet from a bank in respect of a potential $2M secured debt facility, being a $1M leasing facility and a $1M working capital debt facility.