Falkland Islands-based Fortuna has acquired Ocean Fish Group for an undisclosed sum, marking its first step into the UK industry.
The businesses said Fortuna’s acquisition of Ocean Fish would help the Cornish seafood supplier deliver £100m in turnover by 2030 while strengthening its UK operations and extending global sales opportunities.
In its latest accounts at Companies House, Ocean Fish hit a turnover of £28.1m in its wholesale business in the year to 30 November 2024 and £26.8m in its retail business in the same period.
“This new partnership is the joining of two like-minded businesses with strong cultural and commercial alignment,” said Ocean Fish’s Leigh Genge, who remains a minority shareholder and continues as chief executive for the UK group.
“Our unique and vertically integrated supply chain just became much stronger with access to new global markets, product synergies and a new species into the UK,” he added.
While under the stewardship of the Lakeman family, Ocean Fish has become a leading supplier into wholesale, foodservice and retail customers, in the UK and EU in recent years through the acquisition of W Stevenson & Sons in Newlyn, and a recent joint venture with Chapman’s of Sevenoaks.
Fortuna said it was fully committed to supporting the business to grow and reach its full potential and that the acquisition marked “a new and exciting phase”.
“This is a significant acquisition for Fortuna which builds on our strengths as a company, helps further diversify our business, and provides exciting opportunities to realise synergies between the two companies,” said James Wallace, MD of Fortuna. “Ocean Fish Group is unique in its vertical integration, and we are very excited to be involved in the future of the company and help to deliver its impressive plan for growth.”
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