Maruha Nichiro, the Japan-based food group, has bought a stake in New Zealand seafood processor Sanford.

According to a filing with the New Zealand stock market, Maruha Nichiro has snapped up a 4.7% shareholding in the business from Avalon Investment Trust for NZ$25m (US$16.9m).

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The deal reduces Avalon Investment Trust’s stake in Sanford to 9.2%.

In the 12 months to the end of September, Sanford generated revenue of NZ$455.3m, 1.1% lower than the year earlier. It was a period in which Sanford quit some “non-core and non-profitable” businesses like its international purse seine tuna operations.

Sanford’s profit numbers were mixed. EBITDA was up 15.5% at NZ$69.3m. However, profit after tax but before non-controlling interests dropped 38.3% to NZ$13.8m, amid impairment and restructuring costs.

Maruha Nichiro’s origins is in the seafood sector and its interests in the industry remain the largest part of its business by sales.