Cooke, a Canadian seafood company, is set to expand its operations with the acquisition of Corporación Pesquera Inca (Copeinca), one of the “world’s largest fishmeal and fish oil producers”.
Financial terms of the transaction were not disclosed.
The binding share purchase agreement with PF Cayman New Holdco will see an unnamed wholly-owned subsidiary of Cooke, indirectly acquire all outstanding shares of the Peru-based business.
Established in 1994, Copeinca has grown to become “Peru’s largest fishing company”, employing 2,770 people, managing 45 vessels, and operating eight processing plants along the north and central coastlines of the South American nation.
With the “largest anchoveta quota” in the country at 15.9%, Copeinca processes about 21% of Peru’s total catch, yielding approximately 200,000 tonnes of fishmeal and 23,000t of fish oil annually.
The acquisition is expected to “strengthen” Cooke’s marine ingredients business and “diversify” its geographic and species portfolio.
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Cooke noted that Peru is the “second largest” export destination for Canada in South and Central America, and Canada is the “fourth most important export market for Peru in the world”.
Copeinca holds numerous industry certifications, including MarinTrust, Friend of the Sea and ISO 14001.
The move follows Cooke’s entry into the marine ingredients sector in 2017 through the acquisition of Omega Protein Corp.
Cooke CEO Glenn Cooke said: “There is tremendous compatibility between Cooke and Copeinca, and we’re excited to welcome Copeinca’s dedicated employees to the Cooke family of companies.
“High quality fishmeal and fish oil are essential animal and human nutritional ingredients. They ensure a safe and wholesome feed supply for the growth and care of animals in several farming groups, including aquaculture. We believe Copeinca will be a major contributor in furthering Cooke’s growth as a leader strengthening global food security.”
Copeinca CEO Jose Miguel Tirado said: “Copeinca and Cooke share a people-centric culture focused on building up working waterfronts in rural coastal communities through sustainable fish harvesting and responsible processing. Cooke’s strategic agility and vertically integrated operations will enable Copeinca to remain competitive in an evolving global export market.
“Peru and Canada have a very strong and growing trade and investment relationship thanks to active collaboration between governments under the Canada-Peru Free Trade Agreement.”
The transaction is subject to customary closing conditions and is expected to be finalised in November.
Earlier this year, Cooke’s US subsidiary, True North Seafood, announced plans to close its New Bedford site by the end of May to “optimise the company’s capacity”.
