Benzinga | Dec 14, 2021 07:15AM EST

EXCLUSIVE: Blue Star Foods To Buy Gault Seafood For Undisclosed Consideration

Blue Star Foods Corp (NASDAQ:BSFC) has agreed to acquire certain assets of Gault Seafood LLC, a Recirculatory Aquaculture Systems (RAS) company.

Gault Seafood has been in operation for nearly 20 years and is based in Beaufort, South Carolina.

What Happened: Though the deal terms were not disclosed, the Company will fund the deal through a combination of cash and equity. The transaction is expected to close in Q1 Of 2022.

Why It Matters: The Company says that Gault Seafood's RAS technology will allow to modify the molting cycle of the Atlantic Blue Crab and, therefore, harvest them in the off-season.

"This will be our third acquisition in 2 years, and it shows our history of our being able to successfully identify, acquire and operationally integrate new companies into our organization," said John Keeler, Chairman & CEO of Blue Star.

Related Link: Blue Star Foods Subsidiary Nets ~$1M Deal To Supply Steelhead Salmon Fingerlings

Price Action: BFSC shares closed at $3.00 on Monday.

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