Sanford: Commerce Commission approves long-term fishing deal off North Island beaches

For immediate publication

September 13, 2023

Commerce Commission approves long-term fishing deal off North Island beaches

Iwi-owned fishing company Moana New Zealand has received Commerce Commission approval for Sanford’s annual fishing entitlement (ACE) for much of its quota of nearshore species on the North Island through a new long-term agreement. This will make Moana the largest coastal fisheries company in Aotearoa.

The transaction is subject to one remaining commercial condition, and Moana is working with Sanford to fulfill this condition immediately after we obtain the required regulatory approval.

Under the deal, Moana will catch, process and sell fish using this ace. Inshore fisheries are those located up to 12 nautical miles from the New Zealand coast, and the deal is for a minimum term of approximately 10 years.

“Today’s decision is not only an incredible milestone for kaimahi, but for all iwi who have ownership stakes in Moana,” says Moana CEO Steve Tarrant.

“This additional capacity provides opportunities for Māori beyond just fishing. It provides scale that will enable investment in innovation and science that align with our values ​​of kaitiakitanga and manaakitanga.”

“This is an exciting time to be working in the Kaimoana and Kai Ora industry, and I want to commend the Commerce Commission, and the teams at Moana and Sanford, respectively, who have worked tirelessly over the past few months to get us to this point.”

Sanford is very pleased with the Commerce Commission’s approval of the deal between Sanford and Moana, says Craig Ellison, Sanford’s acting CEO.

“We acknowledge that the process with the committee was extensive and detailed and we thank them for their agreement.”

“Our minds are now turning to ensuring that the other condition is met and the details necessary to complete the transaction are executed smoothly. This will include looking at the future of some of our employees and some of our internal processing assets.”

“We look forward to working with Moana and working out the details of what represents a complex but very exciting opportunity for both companies.”

“Moana is exceptionally well placed to take on additional fishing and processing volumes with a proven track record of success in land-based operations, managing the perishable goods supply chain, while creating facilities developed with growth in mind,” says Moana CEO Steve Tarrant.

“We are pleased to be able to continue Mahi with Sanford to complete this transaction, providing further certainty for those affected by the transfer.

“Moana is working through the hiring process, and we look forward to welcoming some Sanford employees to Moana whānau.”

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About Moana New Zealand

iwi are the true custodians of the world’s pristine, sustainably managed fisheries. Moana New Zealand is the largest Iwi-owned fisheries company in Aotearoa. She has a deep sense of responsibility towards all people, respects kaimoana and kai ora (ready-to-eat meals), and is dedicated to the well-being of future generations. It connects the world with the taste and magic of New Zealand’s best kaimoana. For more information, please visit www.moana.co.nz

About Sanford:

Sanford is New Zealand’s largest seafood company – we grow salmon and mussels and account for just under 20% of New Zealand’s commercial fishing share. Sanford is New Zealand’s oldest listed company. It debuted on the New Zealand Stock Exchange in 1924. We focus on sustainability and on maximizing the value of the resources we collect from Aotearoa’s oceans. Sanford locations can be found in 15 locations around New Zealand and in Melbourne, Australia. We’re a team of 1,400 employees and fishermen committed to innovation: Our scientists are on a mission to find new ways to make the most of seafood’s life-enhancing properties, from anti-inflammatory supplements to skin-nourishing collagen. For more information, please visit: www.sanford.co.nz