Cooke buys South American fishmeal and fish oil giant
The Cooke group has entered into a deal to buy the giant Peru-based fishmeal and fish oil company Pesquera Inca SAC (Copeinca), it has been announced.
The purchase target is one of the world’s largest fishmeal and fish oil producers and exporters.
Copeinca was established in 1994 and has grown to become Peru’s largest fishing company with 2,770 employees, 45 vessels and eight processing plants that span the north and centre coastline of Peru.
Copeinca also holds the largest anchoveta (Enaraulis ringens) quota in Peru at 15.9% and processes approximately 21% of the country’s total catch for annual production of approximately 200,000 tonnes of fishmeal and 23,000 tonnes of fish oil.
Cooke is one of the world’s largest salmon farming and seafood companies.
Upon completion of the acquisition, Cooke said it will strengthen its growing marine ingredients business and diversify its geographic and species portfolio.
Cooke CEO Glen Cooke said last night: “There is tremendous compatibility between Cooke and Copeinca, and we’re excited to welcome Copeinca’s dedicated employees to the Cooke family of companies.
He added: “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 fishing vessel
Copeinca holds numerous industry certifications that reflect its commitment to food security, health and safety, and environmental sustainability.
Jose Miguel Tirado, CEO of Copeinca 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.”
“Our Peruvian company is thrilled to join the Cooke family of companies. 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.”
Cooke entered the marine ingredients sector in 2017 with its acquisition of US-based Omega Protein Corporation, a nutritional product company and a leading integrated provider of specialty oils and specialty protein products.
Peru is the second largest export market for Canada in Central and South America, and Canada is the fourth most important export market for Peru in the world.
The acquisition is subject to customary closing conditions and is expected to complete later this month.
Deutsche Bank Securities Inc. acted as lead financial advisor to Copeinca, together with Antarctica Advisors International Corp.
