Fortuna, a Falkland Islands-based fishing and marine services company, has acquired the Ocean Fish Group. The acquisition will support the expansion and development of the Cornish fishing and processing group to achieve its growth aspirations.
With the acquisition of the Ocean Fish Group, Fortuna is taking its first steps into the UK fishing industry. Fortuna, through its shareholdings and subsidiaries, is the largest quota or license holder in the Falklands for Loligo and Ilex squid, finfish and Patagonian Toothfish, and has recently secured exclusive rights to the concession to fish for lobster in the Tristan da Cunha archipelago from 2027.
Ocean Fish is Cornwall’s oldest fishing and processing import-export business, supplying large UK and European retail, wholesale, and most recently food service customers. The deal strengthens Ocean Fish’s UK operations and further extends its global sales opportunities through access to new products and working with Fortuna to promote their own UK quota species into new global markets.
Ocean Fish, which was previously majority owned by the Lakeman family who have been fishing in Cornwall for generations, has established itself as a leading supplier into wholesale, foodservice and retail customers in the UK and Europe in recent years through core acquisitions of W Stevenson and Sons in Newlyn and a recent joint venture with Chapman’s of Sevenoaks.
Leigh Genge, who remains invested as a minority shareholder as well as the continuing chief executive for the UK Group, said: “This new partnership is the joining of two like-minded businesses with strong cultural and commercial alignment. The access to wider Group support as we set about delivering turnover of £100m by 2030 was a compelling factor for me in this consolidation.
“Our unique and vertically integrated supply chain just became much stronger with access to new global markets, product synergies and a new species into the UK. I would like to thank James Wallace, the Fortuna Group Managing Director, and the wider Fortuna Board who believed in and share my ambitions for the Group.
“I would also like to thank Andrew and Edward Lakeman for their unwavering support and friendship over the past few decades. I think we can all be exceptionally proud of the success we have achieved with Ocean Fish and I know that The Lakeman family heritage is in safe hands.”
James Wallace, managing director, Fortuna Ltd, said: “This is a significant acquisition for Fortuna which builds on our strengths as a company, helps further diversify our business, and provides exciting opportunities to realise synergies between the two companies.
“Ocean Fish Group is unique in its vertical integration, and we are very excited to be involved in the future of the company and help to deliver its impressive plan for growth. I am delighted to welcome them into the Fortuna Group, and to build on the legacy of the Lakeman family.”
The acquisition was supported by HSBC, Michelmores, Andrew Jacksons, FRP Advisory and Kreston Reeves.