Tantalizers Finalises MoU For DanBethel Marine Acquisition

Tantalizers Plc has finalised the signing of Memorandum of Understanding (MoU) to acquire all assets of DanBethel Marine Services Limited, an Apapa-based marine and fishing enterprise.

This strategic move comes shortly after Tantalizers secured ₦1.07 billion through a fully subscribed private placement, backed by Messrs Food Specialties and Banklink Africa Private Equities, who collectively acquired a majority stake in the company.

The acquisition aligns with Tantalizers’ long-term growth strategy, signalling its bold entry into Nigeria’s blue economy with a focus on industrial fish trawling, aquaculture, mariculture, seafood supplies, and other marine-related operations. This marks a significant shift for the company, traditionally known for its footprint in the food retail sector.

Commenting on the MoU, Tope Fagbamila, Managing Director/Chief Executive Officer of DanBethel, expressed excitement about the partnership, stating, “Our team admires the courage and capacity of the new Tantalizers leadership and is excited to be part of pivoting the company to a new height.”

Tantalizers’ Chairman, Adam Nuru, emphasised the strategic importance of the acquisition, saying, “DanBethel’s acquisition is an excellent strategic fit for us as we further invest over the next five years in the company’s fleet to capture significant opportunities in Nigeria’s largely untapped fishing and aquaculture industry.”

Based in Apapa, Lagos, DanBethel Marine Services boasts a fleet of fishing trawlers and other marine assets. The company has established itself as a key player in Nigeria’s domestic seafood supply chain, leveraging decades of expertise in fish trawling, seafood processing, and distribution.

The acquisition positions Tantalizers to capitalise on the growing demand for healthier protein sources and sustainable food systems. DanBethel’s experience will provide Tantalizers with the operational know-how and infrastructure required to integrate vertically into seafood production, processing, and distribution.

Tantalizers has enjoyed a stellar performance in the Nigerian stock market throughout 2024, recording a year-to-date (YTD) growth of 266 percent. The company’s share price opened the year at ₦0.47, gradually rising and experiencing a significant uptick after the announcement of the ₦1 billion private equity injection. By year-end, the share price had surpassed ₦1.70.

The capital injection, sourced from Messrs Food Specialties and Organics Limited and Banklink Africa Private Equities Limited, is expected to address longstanding financial challenges and reposition Tantalizers for long-term growth.

With this strategic acquisition and a robust financial foundation, Tantalizers is well-positioned to diversify its business portfolio, capture new revenue streams, and solidify its presence in Nigeria’s burgeoning seafood and marine industry.