Tassal buys up prawn farms

AQUACULTURE company Tassal has announced a $31.9 million acquisition of the Fortune Group – one of the largest footprint prawn farming bases in Australia, including one in the Far North.

The buy includes land, assets and inventory of the Fortune Group’s three prawn farms at Mission Beach, Proserpine and Yamba in NSW.

Tassal boss Mark Ryan said the company would invest $34 million in a development program across the prawn farms.

“The acquisition allows us to expand … and unlock further synergies in the seafood supply chain,” he said.