Tantalizers Plc has reached a preliminary agreement to acquire Nigeria’s largest indigenous fisheries group in a major move that deepens the emerging foodtainment conglomerate’s diversification into Nigeria’s blue economy.
The board of Tantalizers announced in a Sunday statement that it has completed a Memorandum of Understanding with Karflex Fisheries Limited and Karflex Investment Limited to acquire the assets of the two companies and integrate these significant fishing assets into Tantalizers Fisheries Limited. Under the agreement, the assets under consideration include 24 fish trawlers and shrimpers, 13 cold room facilities, and related commercial fisheries infrastructure.
After signing the MoU, Tantalizers Fisheries Limited and its financial advisers, GTI Capital and United Capital, will carry out a thorough review of the legal, financial, technical, operational, environmental, and commercial aspects of the target companies and their assets within a set timeframe.
Speaking at the signing ceremony, the Chairman of Tantalizers Plc, Alhaji Adam Nuru, said the MoU was part of the company’s strategic diversification and expansion into Nigeria’s blue economy and commercial seafood sector. Nuru, who was represented by Tantalizers’ Director, Israel Ovirih, said Tantalizers, through its subsidiary, Tantalizers Fisheries Limited, plans to tap emerging opportunities in Nigeria’s blue economy and maritime reforms through a large-scale focus on industrial fish trawling, shrimping, seafood processing, cold-chain logistics, export operations, and sustainable fisheries development.
He said, “The Board of Tantalizers Plc is pleased with the signing of this MoU and looks forward to the successful completion of the transaction. This marks one of the many strategic mergers and acquisitions undertaken since the acquisition and restructuring of Tantalizers Plc into a Foodtainment Group.
“Upon completion of this Karflex Companies acquisition, the plan is to integrate the assets and operations into Tantalizers Fisheries Limited, resulting in a wholly owned fishing and trawling business positioned to compete effectively within the local and international seafood market.”
He added that the transaction aligns with the firm’s broader diversification and long-term value creation strategy, particularly within sectors capable of generating foreign exchange earnings and strengthening Nigeria’s food security value chain. He assured that Tantalizers remains committed to delivering sustainable growth, expanding shareholder value, and positioning itself as a diversified leader across the food, entertainment, hospitality, and blue economy sectors.
Also commenting on the transaction, the Chairman of Karflex Fisheries, Mr Wilson Samuel, said the fisheries group was excited by the vision and institutional strength of Tantalizers. According to him, Tantalizers’ renewed vision, institutional structure, and commitment to the marine and blue economy sector provide strong confidence that Karflex Fisheries’ assets would be further expanded and efficiently utilised for sustainable growth.
“We are delighted to enter into this MoU with Tantalizers Plc. We believe this transaction represents a significant opportunity to unlock the full commercial value of the assets built over the years by Karflex Fisheries.
“We ultimately see Karflex Fisheries becoming a subsidiary of Tantalizers Plc, and our shareholders are excited to see Tantalizers Plc completing this acquisition in record time as scheduled,” Samuel said.
The completion of the transaction is, however, subject to satisfactory due diligence, valuation, negotiation, and execution of definitive transaction documents, regulatory approvals, and the satisfaction of agreed conditions precedent.
Under its foodtainment concept, Tantalizers Plc is implementing a strategic growth plan aimed at diversifying from its current quick-service restaurant business into fishery, entertainment, and technology, among others. After a successful recapitalisation and the emergence of new core investors, Tantalizers is rebuilding its existing food business and diversifying further into other areas, including the acquisition of not less than 10 fully equipped modern trawlers and the signing of a partnership agreement with a United States-based fisheries group, Heritage Fisheries.
