Clearwater Seafoods has agreed to form a joint venture (JV) with Quin-Sea Fisheries to acquire St. Anthony Seafoods’ plant in Newfoundland, Canada.

The proposed venture will combine the operational expertise and market reach of both companies. Quin-Sea Fisheries will assume management responsibility of the plant on behalf of the JV.

Clearwater Seafoods CEO Ian Smith said: “We are pleased to bring a new partner into the St. Anthony plant who is an experienced Newfoundland operator that understands the importance of local commitment and local investment.

“The transaction will strengthen processing volume and look to diversify species processed at the St. Anthony plant, ensuring the continued viability of the operation and employment in an important coastal community in Newfoundland and Labrador.”

The companies said that they will work closely with the local stakeholders. This will help them to ensure a smooth operational transition ahead of the 2020 season.

They expect to close the deal by the end of March this year.

Quin-Sea Fisheries managing director Simon Jarding said: “Quin-Sea has invested to grow its operations in Conche benefiting the communities of the Northern Peninsula.

“Like Conche, St. Anthony has a prime location and a highly experienced workforce, ideal for both current production of shrimp and crab but also for the production of groundfish in the years to come.

“Our partnership with Clearwater will ensure a stable and long term operation for the benefit of the partners, the employees, and the communities of the Northern Peninsula.”