Gael Force Group and Fusion Marine are jointly announcing today that they have agreed and signed Heads of Terms which will result in Gael Force’s acquisition of 75% of the outstanding share capital of the fish farm pen manufacturer. The deal, which is of an undisclosed value, is on course to conclude early April, following the completion of normal due diligence.
The companies see an excellent strategic fit which will ensure that the companies can, by combining their resource and wealth of experience, jointly invest in developing new and innovative products while continuing to provide competitive pricing and high service levels through close partnering with their respective customers.
Commenting on the deal, Gael Force MD Stewart Graham said, “Both our companies are friends in the market and have worked together for many years - we are delighted to have reached this agreement with Fusion Marine. Our discussions have highlighted just how aligned we are and what a good fit both companies are for each other, and for our key customer offering."
He continued, "We look forward to welcoming Fusion Marine into the Gael Force family on completion in early April. Our combined expertise, experience and product range will help both Fusion and Gael Force drive growth both in the Scottish market and in our target export markets too. All of us at Gael Force are hugely excited by the growth opportunities this deal presents and look forward to working with our friends at Fusion Marine to grow our combined business.”
Fusion Marine’s name in the aquaculture community is highly regarded, with their fish farm pens and equipment having an enviable, long-standing reputation for quality, strength and versatility. Both companies enjoy close working relationships with salmon producers and are, separately, key suppliers to the Scottish aquaculture market, with ties between the two companies continuously strengthening over many years.
Fusion Marine Managing Director Stephen Divers said, “It has been very clear throughout discussions that the common values and approach to business we share with Gael Force will enable both companies to combine our strengths to invest in new innovative products and solutions for the industry, and continue to deliver the best service for our customers, both in Scotland and overseas."
He continued, "Our focus is on our customers and we have great confidence that working together in the Gael Force Group we are even better positioned to deliver value to the market in support of our long-standing key customers. Our planned investment in innovative new product development in the pens market will be an early example of that. We also see the added benefit for customers with our combined geographical coverage, including that of our ongoing servicing out of our location in Oban.”
Once completed, the deal will see Gael Force further expand and develop their capabilities in end-to-end supply and manufacture of fish farming products and services. Currently, the company manufactures their own range of SeaMate Feed Barges and SeaFeed Offshore Feeding System, mooring systems, SeaSight underwater cameras and aquaculture technology products.