Food and Beverage Business
Finance

Kyokuyo of Japan Acquires Majority Stake in Turkish Fish Processor Kocaman

Kyokuyo of Japan Acquires Majority Stake in Turkish Fish Processor Kocaman Fish & Seafood, Frozen Food and Beverage Business

Japan-based fishing and processing company Kyokuyo has acquired a majority stake in Turkey’s Kocaman Fisheries Export and Import Trade. The financial details of the deal were not disclosed. The acquisition involves obtaining shares from existing shareholders, resulting in Kocaman becoming a subsidiary of the company.

Established in 1981, Kocaman manufactures fresh and frozen marine products including carp, trout, and mussels. In 2022, the company had a turnover of €13.9m ($15m) with an operating profit of €2.5m. Both figures were down from the business’ 2021 results when it generated €16.5m and €3.9m in operating profit.

Kyokuyo, with a strategy focused on “the expansion of overseas business,” is actively “developing overseas bases with the basic policy of producing overseas and selling overseas.” As part of these efforts, the company established a subsidiary in Vietnam in 2022 as a food production and sales company for South-east Asia. In 2023, it established a company in North America to manufacture and sell crab-flavoured kamaboko for the US.

According to Kyokuyo, “We have been producing food for more than 40 years in Turkey, which is adjacent to Europe, and we are pleased to announce that we have been producing seafood such as shrimp and salmon. We have decided to strengthen our food production and sales business for Europe by making this company, which exports frozen foods made from frozen foods to Europe, a subsidiary of ours.”

Kyokuyo was founded in 1937 as a fishing company focused on several kinds of capture fisheries. It also trades, processes, and distributes fish from all over the world to retail and foodservice customers.

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In summary, Kyokuyo’s acquisition of Kocaman is a significant move in the food and beverage industry trends. This acquisition will strengthen Kyokuyo’s presence in Europe and help expand its overseas business, reflecting current food and drink consumer trends.

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