Tantalizers Plc, a renowned food company in Nigeria, has recently announced the signing of a Memorandum of Understanding (MoU) to acquire the asset portfolio of DanBethel Marine Services Limited, a prominent marine and fishing enterprise based in Apapa. This strategic move comes shortly after Tantalizers secured a N1 billion private equity investment from Food Specialties and Banklink Africa Private Equities, leading to a majority stake acquisition.
The acquisition of DanBethel Marine Services Limited aligns perfectly with Tantalizers’ strategic goal of expanding into the blue economy, particularly focusing on the seafood industry. The company intends to engage in industrial fish trawling, aquaculture, mariculture, seafood supplies, and various other marine-related operations. This bold step signifies Tantalizers’ commitment to diversifying its business and tapping into the vast opportunities within Nigeria’s seafood market.
Tope Fagbamila, the Managing Director and CEO of DanBethel, expressed excitement about the partnership with Tantalizers, praising the new leadership’s vision and capability. Adam Nuru, the Chairman of Tantalizers Plc, also shared optimism about the acquisition, emphasizing the company’s dedication to investing in its fleet over the next five years to capitalize on the growing fishing and aquaculture industry in Nigeria.
DanBethel Marine Services, headquartered in Apapa, Lagos, is known for its fleet of fishing trawlers and marine assets, establishing a strong presence in Nigeria’s seafood supply market. With the rising demand for sustainable protein sources and healthier food systems, the acquisition presents Tantalizers with an opportunity to leverage DanBethel’s expertise in fish trawling and processing to expand its seafood production and venture into value-added aquaculture processes.
In terms of market performance, Tantalizers witnessed an impressive year-to-date growth of 266% in the Nigerian stock market in 2024. The company’s share price experienced steady growth throughout the year, with a significant surge following the announcement of the N1 billion private equity investment. This injection of funds is intended to address longstanding financial challenges and position Tantalizers for a stronger future, with Food Specialties and Organics Limited and Banklink Africa Private Equities Limited acquiring a majority stake in the company.
Overall, Tantalizers’ acquisition of DanBethel Marine Services Limited reflects its strategic vision for growth and expansion in the seafood industry. The company’s commitment to investment and innovation positions it as a key player in Nigeria’s evolving marine sector, offering exciting opportunities for future development and success.
