Overseas investment decision for case 201900333 - Westfleet Seafoods Limited

Westfleet is a vertically integrated fishing and processing company. Westfleet employs 108 people and owns and operates five fishing vessels, and a fresh fish processing factory in Greymouth. Westfleet seeks to acquire Quota and ACE as part of a series of transactions with (as yet) unidentified vendors.

Westfleet is able to offer (in respect of its Westland fisheries) economies of scale and a degree of specialisation (in regard to surface long line vessels) that other regional industry players would not be able to match. The consent granted will permit Westfleet to acquire Quota within the next five years and will allow it to acquire ACE from third parties for the next thirty years.

The acquisition of the Quota and ACE is likely to result in 19 additional jobs, increased export receipts, and greater efficiencies in catch and processing. Westfleet’s success is likely to contribute towards the financial success of the iwi holding ownership interests in Sealord and further the Government’s policy of promoting the economic development of the Westland region. The investment is likely to ensure the ongoing viability of Westfleet’s existing investments in plant and fishing vessels and allow for an expansion of the existing factory to include a cold-store.

While Westfleet’s plans have been somewhat impacted by the Covid-19 pandemic, as an essential industry Westfleet has continued to operate through the lockdown period. Westfleet is confident that, as its export markets recover from the current downturn, it will be well positioned to deliver benefits for New Zealand.