Leading Western Australia food and agribusiness Craig Mostyn, has purchased the biggest abalone farm in Australia, Great Southern Waters (GSW), after outbidding potential investors from China.
According to the article on The Australian, the value of the sale has not been disclosed; however sources claim Craig Mostyn paid less than $20 million for Victoria-based GSW.
The sale of GSW was handled by Kidder Williams, a Melbourne-based advisor focused on agribusiness.
Craig Mostyn exports Live Australian Lobster, Live King Crab, Live Abalone and Scallops from production facilities across Australia.
Established in 1923, Craig Mostyn has grown into a diversified food and agribusiness operating out of Australia, achieving revenues in excess of $A 310 million in FY2012.
GSW sells more than 95% of its live products to China, Hong Kong and Japan, so Craig Mostyn is now perfectly positioned to expand its market presence after acquiring two lobster and abalone farms in Tasmania late last year.
GSW’s own Jade Tiger Abalone™ is exclusively bred by GSW’s own advanced selective breeding program in which it has co-invested in with the Australian Commonwealth Scientific and Industrial Research Organisation (CSIRO).