Sea Harvest Piracy on the high cheese
Shaking off its aquatic chains this week is Sea Harvest, with the shock announcement that they’re diversifying into dairy through the acquisition of Ladismith Cheese Company for R527m. Bet ya didn’t see that coming. The idea of Sea Harvest is to diversify into a bigger, black-owned food company; this on the heels of earlier attempts in the frozen vegan and vegetarian meals space, and their earlier acquisition of Aussie outfit Mareterram, which also distributes non-seafood products. Last year, Ladismith brought 9,000 tons of cheese and butter and 7,500 tons of dairy and non-dairy powder to market, to the value of R681m in revenue. Sea Harvest is, as you know, in an acquisitive frame of mind lately, having recently bought the entirety of the Viking Fishing Group for R885m, together with 50% of Viking Aquaculture.
Comment: Cows and fish are very different creatures, separated by at least 2 billion years of evolutionary biology. But Sea Harvest have no doubt factored this into their equations.