Tantalizers Plc has announced the signing of a partnership agreement with the US-based marine group Quinn Fisheries and Harvester Fishing for the acquisition of 10 fully equipped modern fishing trawlers.
This announcement was published on the Nigerian Exchange on the 4th of March, 2025 and signed by the company secretary, Olamide Babawale-Mo.
According to the company, the partnership agreement is part of its plans to explore Nigeria’s blue economy and diversify into growth-yielding sectors of the Nigerian business space.
The company stated: “The acquisition of the 10 trawlers, fitted with modern technology to support deep-sea fishing operations, marks a significant milestone in the company’s entry into the Blue Economy Space—a sector increasingly recognized globally as a major driver of sustainable economic development.”
Under the terms of the Memorandum of Understanding (MOU) between Tantalizers Plc and the consortium, the trawlers are set to arrive in Nigeria from their current locations in Honduras and New Bedford, USA, by May 2025.
The newly formed subsidiary, Tantalizers Fisheries Limited, will utilize these trawlers to support commercial fishing operations and improve Nigeria’s position within the global seafood value chain.
This development is comparable to Tantalizers’ earlier announcement in December 2024 about acquiring all assets from DanBethel Marine Services Limited, an Apapa-based marine and fishing enterprise recognized for its fleet of fishing trawlers and associated assets.
The acquisition was facilitated following a N1 billion private equity investment from Messrs Food Specialties and Banklink Africa Private Equities, which collectively secured a majority stake in the company.
Mr. Rob Speijer, the Group Managing Director (GMD) of Tantalizers Plc, signed the Memorandum of Understanding (MOU) on behalf of the company during a ceremony in New Bedford, Massachusetts.
He remarked, “This acquisition and partnership will help Tantalizers Plc evolve into a Nigerian multinational, expanding our reach into diverse sectors such as entertainment, quick-service restaurants, fisheries, and seafood processing and export.”
The MOU outlines a framework for technical collaboration, operational capacity building, and access to export markets, all of which will strengthen Tantalizers’ position within the growing Nigerian Blue Economy.
Mr. Charlie Quinn, Chairman of Quinn Fisheries and Harvester Fishing based in New Bedford, MA, commented on the acquisition, stating, “Nigeria has always been on our radar as a valuable source of protein for the American market. This partnership, along with the delivery of our initial 10 trawlers, provides us with a solid foothold in the rich aquatic resources of the West African Ocean. We are thrilled to see this vision come to fruition with Tantalizers Plc.”
Tantalizers reported a profitable 2024 in the Nigerian stock market, with a year-to-date gain of 336.17%. The stock opened at N0.47 and saw consistent increases during the first half of the year, followed by a significant boost in August.
For January 2025, the stock closed at N2.14, with a market volume of 384.9 billion shares. However, February brought a decline, with the stock dropping to N1.90.