Cooke, the Canadian seafood company, is poised for significant growth through its acquisition of Corporación Pesquera Inca (Copeinca), recognized as one of the world’s largest producers of fishmeal and fish oil.
While the financial specifics of the deal have not been disclosed, the binding share purchase agreement with PF Cayman New Holdco will enable a wholly-owned subsidiary of Cooke to acquire all outstanding shares of this Peru-based enterprise.
Founded in 1994, Copeinca has established itself as Peru’s largest fishing company. It employs around 2,770 individuals, manages 45 fishing vessels, and operates eight processing plants along the country’s northern and central coastlines. Remarkably, Copeinca holds the largest anchoveta quota in Peru at 15.9%, processing about 21% of the national catch and producing approximately 200,000 tonnes of fishmeal and 23,000 tonnes of fish oil annually.
This acquisition is anticipated to enhance Cooke’s marine ingredients business while diversifying its geographical reach and species portfolio. Cooke recognizes Peru as the second largest export market for Canada in South and Central America. Furthermore, Canada ranks as the fourth most important market for Peruvian exports globally.
Copeinca boasts various industry certifications, including MarinTrust, Friend of the Sea, and ISO 14001, underscoring its commitment to sustainability. This strategic move follows Cooke’s entry into the marine ingredients sector since its 2017 acquisition of Omega Protein Corp.
Cooke’s CEO, Glenn Cooke, articulated the compatibility between the two companies, stating, “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’s CEO, Jose Miguel Tirado, remarked, “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.” Moreover, he emphasized the strong trade relationship fostered by the Canada-Peru Free Trade Agreement.
It is important to note that this transaction is subject to standard closing conditions and is expected to finalize in November. Earlier this year, True North Seafood, a subsidiary of Cooke in the U.S., announced plans to close its New Bedford facility by the end of May to optimize capacity.
In considering the various trends within the food and beverage industry, such acquisitions demonstrate a commitment to sustainability and innovation. They reflect a growing emphasis on securing efficient food supply chains and responding to changing consumer demands within the food and drink business. As industry leaders like Cooke expand their capabilities and operations, they position themselves to navigate evolving food and drink consumer trends effectively.