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Ocean Choice International Divests Nova Scotia Scallop Quota

Ocean Choice International, headquartered in St. John's, Newfoundland and Labrador, Canada, has recently completed the sale of its Nova Scotia offshore scallop quota to three distinct entities. This announcement was made on February 22nd, with Ocean Choice disclosing that the quota was divested to three separate Nova Scotia-based companies: Mersey Seafoods, LeHave Seafoods, and Comeau’s Sea Foods. According to Ocean Choice, each of these companies boasts a longstanding legacy in sea scallop harvesting within the province.

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Ocean Choice International Divests Nova Scotia Scallop Quota
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Ocean Choice International, headquartered in St. John's, Newfoundland and Labrador, Canada, has announced the sale of its Nova Scotia offshore scallop quota to three distinct entities, marking a strategic shift in its operations.
According to Ocean Choice CEO Martin Sullivan, this decision aligns with the company's commitment to sustainable growth in the Newfoundland and Labrador fishery, reinforcing its investment and dedication to the local fishing industry. The sale consolidates operations within the home province, emphasizing support for local communities reliant on the fishery for employment and economic opportunities.
The estimated value of the scallop quota stands at CAD 200 million (USD 148 million, EUR 137 million), with Ocean Choice holding 16.77 percent of the offshore scallop quota. Following the decision not to replace its scallop fishing capacity following the sinking of its scallop trawler Atlantic Destiny, Ocean Choice explored alternatives, ultimately opting to engage with long-standing industry partners in Nova Scotia.
As part of the quota sale, Ocean Choice will acquire new Newfoundland and Labrador offshore quota for Greenland halibut and Atlantic cod from Mersey Seafoods, along with additional quotas and assets from LeHave Seafoods. This strategic realignment reflects Ocean Choice's ongoing commitment to optimizing its operations and pursuing sustainable growth opportunities.
The company's decision to maintain existing sales and marketing agreements for its scallops through a partnership with Mersey Seafoods underscores its dedication to serving its customer base effectively. Ocean Choice President Blaine Sullivan expressed confidence in the stewardship of the scallop resource by the acquiring Nova Scotia-based companies, emphasizing their shared commitment to sustainability and responsible resource management.
Desjardins Capital Markets served as the exclusive financial advisor to Ocean Choice International for the sale, further facilitating the strategic transition and ensuring the company's continued success in its operations and future endeavors.
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