In the food and beverage industry, two Brazil-based seafood companies, Frescatto Company and Prime Seafood, have announced a merger to enhance their competitiveness and strengthen their position in the global market. The deal, valued at $400 million, aims to combine both companies’ strengths to expand into new markets such as China and the US.
The merger will allow Prime Seafood, known for its export expertise, to support Frescatto’s export operations and facilitate its entry into new markets. With both companies processing over 30 million kilos of fish per year, the collaboration is expected to drive growth and innovation in the seafood sector.
Frescatto CEO Thiago De Leca highlighted that the merger will broaden their product offerings, enabling them to introduce new products to their customers. Additionally, the deal will grant Frescatto access to Prime’s international certifications, further enhancing their market presence.
Eduardo Lobo, president of Prime Seafood, will join Frescatto’s board of directors following the transaction. This move marks a significant consolidation in the Brazilian fish industry, positioning Frescatto to reach a global consumer base and improve operational efficiencies across their seafood plants.
Established in 2012, Prime Seafood is a key player in fish exports, serving markets in Canada, the US, Japan, Australia, and China. With a workforce of over 300 employees, Prime Seafood operates across multiple states in Brazil, contributing to the country’s thriving seafood sector.
On the other hand, Frescatto, founded in 1944, has a broad portfolio of fresh and frozen fish products, catering to both retail and foodservice sectors. With four production sites in Brazil and partnerships with suppliers across the globe, Frescatto has a strong presence in the seafood market.
The merger is expected to create new opportunities for employees of both companies and drive growth in the seafood value chain. De Leca expressed optimism about the merger’s potential to elevate the Brazilian agribusiness sector, positioning fish as a key player in the industry’s future success.
In conclusion, the merger between Frescatto Company and Prime Seafood signifies a strategic move to capitalize on the growing demand for seafood products globally. By leveraging their combined strengths and resources, the companies aim to drive innovation, expand market reach, and deliver quality products to consumers worldwide.
