Clearwater Seafood reaches across the Atlantic to buy Macduff Shellfish

Nova Scotia-based Clearwater Seafoods has a deal to buy Macduff Shellfish Group for the equivalent of C$195 million.

Macduff is a U.K.-based integrated seafood company with a strong presence in the European Union.

Clearwater chief executive Ian Smith says the two companies have been building a working relationship for more than three years and he's confident Macduff is a good fit.

Macduff has 14 scallop harvesting vessels and production plants in Mintlaw and Stornoway, Scotland.

Clearwater also has its own fleet and plants that process scallops, lobster, clams, coldwater shrimp, crab and groundfish.

Clearwater will pay 94.4 million pounds plus four million pounds of seasonal debt to acquire Macduff, which is currently owned by the Beaton Family and Change Capital Partners.