Tantalizers Plc, one of Nigeria’s foremost restaurant franchises, will acquire all assets belonging to DanBethel Marine Services Limited, a Lagos-based marine and fishing company operating in the domestic seafood supply market. This strategic move indicates a significant departure from the company’s traditional fast-food focus, signalling a pivot towards the country’s fishing and aquaculture industry.
The acquisition, expected to be finalized by June 2025, underscores Tantalizers’ ambition to diversify its operations and enhance shareholder value.
“DanBethel 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 the largely untapped Nigerian aquaculture market,” commented Adam Nuru, Tantalizers’ newly appointed Chairman in an NGX filing dated December 27.
This shift follows a change in Tantalizers’ ownership structure. In May 2024, a ₦1.07 billion private placement saw Emirati-based Food Specialties and Organics Limited and private equity firm Banklink Africa acquire a majority stake in the company. This led to a board reconstitution, with Nuru assuming the role of Chairman and Robert Speijer, a shipping and maritime executive with three decades of experience, appointed as Group Managing Director.
The acquisition of DanBethel, an Apapa-based firm with its fleet of fishing trawlers and established presence in the seafood market, will enable the fast food company gain control over the local supply chain, a crucial step in improving profitability. Tantalizers has faced significant financial challenges recently, reporting a pre-tax loss of ₦231 million in September 2024, following losses of ₦284 million in 2023 and ₦241 million in 2022.
By integrating DanBethel’s assets, Tantalizers aims to capitalise on the growing demand for seafood in Nigeria and establish itself as a key player in the country’s aquaculture sector. Nigeria’s seafood import bill is estimated to be around $1 billion annually. In 2018, approximately 45% of the country’s fish supply was imported, leading to a $1 billion trade deficit of fish. Nigeria is now the second-largest aquaculture producer in Africa after Egypt. However, the continuous demand and preference for fish is an aspect Tantalizers can explore to drive long-term growth.
