September 13, 2023
Moana cleared to buy Sanford inshore assets
The Commerce Commission has cleared iwi-owned fishing company Moana New Zealand to acquire Sanford’s Annual Catch Entitlement (ACE) for much of its quota of North Island inshore species.
The new long-term agreement will make Moana the largest inshore fisheries company in Aotearoa.
Moana will take over the catching, processing and selling of fish covered by the ACE.
Sanford acting CEO, Craig Ellison says there is still one commercial consideration to be completed for the deal with be finalised, as well as details over the future of some staff and some inshore processing assets.
Inshore fisheries are those out to 12 nautical miles from the New Zealand coast, and the transaction is for a minimum term of 10 years.
Moana CEO Steve Tarrant says the additional capacity brings scale which will enable investment in innovation and science.
Moana is well placed to take on the additional catch and processing volumes with a proven track record of success in inshore operations, perishable goods supply chain management, with upgraded facilities built with growth in mind.
Mr Tarrant says Moana looks forward to welcoming some of the Sanford staff to the Moana whānau.