Renowned seafood business Kailis Bros has inked a confidential deal with Chinese corporate giant Legend Holdings that will help fund a global expansion of the Perth-based business.
Under the arrangement, the Kailis seafood processing, wholesaling and exporting business will be the basis for a larger, newly-capitalised joint venture called KB Foods, which will be 10 per cent owned by the Kailis family.
The Leederville cafe and retail fish shop, and the Perth Fish Markets, will remain wholly owned and operated by the family.
KB Foods group chief executive Matthew Kailis said it would be "very much business as usual" for customers, suppliers and more than 500 employees, but the deal would see the family realise long-held ambitions to expand its Australian and international business.
"Greater access to capital will assist with funding organic and inorganic growth opportunities," Mr Kailis said.
"We collectively see significant opportunities in Australia and around the world to build on our strong foundations with investments in fishing and aquaculture, seafood processing and distribution.
"Legend is keen to continue to develop their food and agriculture segment to match their IT segment, which includes brands such as Lenovo and Motorola."
Legend Holdings senior vice-president Shaopeng Chen said the opportunity was "particularly appealing" given Australia was a stable place to do business and Kailis had developed a strong reputation.
"With our capital backing we intend to invest in the business to grow its Australian operations with new capabilities, new products, new technologies and greater market presence," Mr Chen said.
The seafood business was founded by George Peter Kailis, who emigrated to Australia at the age of 14 from the small Greek island of Kastellorizo in 1914 and opened his first shop in Perth in 1926.
Hong Kong Stock Exchange-listed Legend Holdings is one of the largest diversified holding corporations in China, with some 60,000 employees.
SBS
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