Newfoundland and Labrador Fisheries and Aquaculture Minister Steve Crocker has accepted the recommendation of the Fish Processing Licensing Board to approve the fish processing licence change of operator applications related to the purchase of Quin-Sea Fisheries by Royal Greenland.
“Royal Greenland submitted a solid business plan and, after careful consideration, the independent Fish Processing Licensing Board recommended approval of the change of operator applications. After conducting my own due diligence including : meeting with Quin-Sea, Royal Greenland and several other key stakeholders; and reviewing the business plan and purchase and sale agreement, I have accepted the board’s recommendation and approved the change of operator applications allowing the sale to proceed. Royal Greenland brings with it a wealth of experience with onshore fish processing and international marketing and its participation in our processing sector will help diversify our province’s seafood industry,” Crocker explained.
The independent Fish Processing Licensing Board process allowed for public and stakeholder questions and input which the board considered in making its recommendation. In addition to the independent board process, the minister and government officials conducted extensive due diligence relating to this transaction.
Questions and concerns raised publicly, or in submissions to the licensing board and Provincial Government regarding the change of operator applications, were considered by the minister and officials and the applications clearly met all established criteria.
Mikael Thinghuus, Chief Executive Officer, Royal Greenland said “Royal Greenland is committed to investing in Newfoundland and Labrador to transform locally harvested seafood into the highest quality product for our international markets. Our plan is to build upon this well-established, successful business, including operation of its plants and employment of its people. The combination of Quin-Sea’s reputation for species diversification and production of top quality products, and Royal Greenland’s experience in extracting top value for such products, will bring new opportunities to the province.”