China-based investment firm Legend Holdings has signed a strategic agreement with Australian seafood company Kailis Family.
Under the agreement, Legend Holdings and Kailis Family will form a joint venture named KB Food Group, in which 90% stake will be owned by Legend Holdings and 10% would be owned by Kailis Family.
KB Food Group will include Kailis Bros Company and National Fisheries Company, and its operation in New Zealand and Asia.
Through this cooperation agreement, Legend Holdings is planning to make continuous investments in strengthening its seafood industrial cluster so as to achieve its goal of becoming one of the biggest players in the seafood industry.
Kailis Bros Company provides Australian mainstream supermarkets and catering enterprises with more than 6,500 kinds of seafood and affiliate products.
It also exports lobsters and many other high-end products to East Asia market, including brands like KB's, By George, Clipper K, and more.
Chen Shaopeng, who currently holds the position of senior vice president of Legend Holdings will become the chairman of KB Food Group. Matthew Kailis, the former CEO of KB Seafoods Company will become the CEO of KB Food Group.
The management team from businesses incorporated into the joint venture will play the same role in KB Food Group.
The company will utilize the same business model, based on which it intends to promote expansion and development of KB Food Group in Australia and globally.
KB Food Group CEO Matthew Kailis said: "We have long-held ambitions to grow our Australian and international businesses. We are pleased that we are able to be the strategic partner with Legend Holdings, who owns an outstanding reputation and strong comprehensive strength.
"In addition to that, it has established a number of influential enterprises with leading positions in multiple industries. Meanwhile, Legend Holdings treasures its brand and has deep understanding of industry and the excellent integration capability of global resources, which will greatly improve KB Food Group's current service level for existing clients and offer strong support for further development in Australia, Asia Pacific and around the globe."
Legend Holdings senior vice president Chen Shaopeng said: "The strategic cooperation with KB Seafoods Company played an important role in overseas investments for the agriculture and food segment.
"Under Matthew Kailis's leadership, the management team has generated excellent operating capacity.
"The business model of "global resources + Australian consumption" gradually matures, which has laid a solid foundation for the further development of KB Food Group. Both of us shares the same industry vision, And I am deeply convinced that today will be an important milestone for KB Food Group to be the global seafood leader."
