West Australian agribusiness company Craig Mostyn has purchased Australia’s biggest abalone farm, Great Southern Waters.
Victoria-based Great Southern Waters (GSW) is now selling over 95% of its products, live, to China, Hong Kong and Japan, with increasing appetites from the new middle classes in those regions.
The value of the sale is not disclosed, but it is believed that Craig Mostyn grabbed the business for less than $20 million, after outbidding some Chinese parties. The deal includes a three-year plan to double the business, which exports more than 200 tonnes of live abalone a year.
The company bought two abalone farms in Tasmania last year and exports more than 500 tonnes of live abalone to Hong Kong, China, Japan and Singapore.
Australian agriculture business has been attracting both domestic interest and overseas investors, as they look to tap Asia’s huge market potential with high-quality Australian made foods which from sea food to dairy products and beef.
According to the United Nations, aquaculture is expected to account for 62% of fish that is eaten around the world by 2030.