Tantalizers Signs 5-Year Deal With US Firm to Export Prawns, Shrimps

Tantalizers Plc, one of Nigeria’s oldest quick-service restaurant (QSR) chains, has announced a landmark five-year tripartite offtake agreement with its wholly owned subsidiary, Tantalizers Fisheries Limited, and Harvester Fisheries LLC, a major US-based seafood importer and distributor.

The agreement with one of America’s largest fishing ports, announced on Thursday, comes few weeks after Tantalizers returned to profitability in the first nine months of 2025.

Under the deal, Tantalizers and Tantalizers Fisheries Limited (the Sellers) will supply the US firm with agreed minimum annual quantities of wild-caught tiger prawns and pure shrimps over a five-year period.

“The deal, valued in multi-million US dollars, represents a major step in Tantalizers’ strategic expansion into the global seafood export market,” said Olamide Babawale-Mo, the company secretary.

Babawale-Mo added that Tantalizers Fisheries operates within a designated Free Trade Zone in Nigeria as a fully export-oriented enterprise involved in harvesting, trawling, processing, and exporting wild-caught shrimp and prawn products in line with global food safety and sustainability standards.

“The company’s operations are designed to meet international demand for sustainable and traceable marine products,” she said.

Robert Speijer, group managing director described the agreement as a milestone in the company’s diversification drive and a marker of its evolution “from a purely quick-service restaurant brand into a global food, retail, and entertainment group with a strong export footprint.”

“The partnership with Harvester Fisheries LLC strengthens our global supply chain integration and positions Nigeria as a credible source of high-quality seafood for the North American market,” he said.

Harvester Fisheries LLC specialises in the importation and distribution of high-grade seafood products to retail chains, restaurants, and institutional buyers across North America.

The deal follows a turnaround in the group’s financial performance. It posted an after-tax profit of N41.1 million in the first nine months of 2025, compared with a loss of N231.6 million a year earlier. The improvement came despite weaker revenue, which fell to N2.05 billion from N2.16 billion, while cost of sales rose to N602.8 million from N547.7 million.

Its share price has also rebounded, rising 17.1 percent year-to-date from N2.05 per share. Tantalizers ranks 100th on the Nigerian Exchange Limited (NGX) in 2025 performance and is the 32nd most traded stock between August and October, according to African Exchange data.

The company underwent major ownership and leadership changes in October 2024 following a significant acquisition by new shareholders. In March 2025, the 27-year-old brand expanded into Nigeria’s blue economy, purchasing 10 modern trawlers and entering a partnership with US-based Quinn Fisheries and Harvester Fishing, led by Charles Quinn.

From market leader to underdog

Founded in the late 1990s, Tantalizers expanded rapidly in the early 2000s, becoming a household name with more than 20 outlets nationwide and competing directly with Mr Bigg’s in shaping Nigeria’s formal fast-food culture.

However, by the mid-2010s, its dominance waned amid intensifying competition. The entry of global chains such as KFC, Domino’s, and Pizza Hut reset consumer expectations, while local rivals like Chicken Republic scaled faster by offering lower-price menus, stronger delivery capabilities, and digital ordering platforms.

According to Euromonitor International, Tantalizers recorded the lowest sales among five legacy QSR brands in 2023 with N2.49 billion. Chicken Republic led the market with N60.9 billion, followed by Sweet Sensation with N4.58 billion and Mr Bigg’s with N2.68 billion.