Canadian company with Maine ties teams up on purchase of Peruvian anchovy business
PHOTO / COURTESY, COOKE INC.
Jaelyn Matthews, a fish health technician, and Alex Johndro, a barge operator, at work at a Machias Bay salmon farm owned by Cooke Inc.
Cooke Inc., an aquaculture company based in New Brunswick that has salmon farms and hatcheries in Maine, has joined with a Cayman Island holding company in a deal to buy a fishmeal and fish oil producer and exporter in Peru.
Cooke and PF Cayman New Holdco Ltd. have executed a binding share purchase agreement under which a Cooke subsidiary will indirectly acquire outstanding shares of Corporación Pesquera Inca S.A.C., or Copeinca.
Terms of the deal were not disclosed. The acquisition is expected to close this month.
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 center coastline of Peru, according to a news release.
With 15.9% of the catch, Copeinca also holds Peru's largest fishing quota for anchoveta, a species of fish in the anchovy family. The company processes 21% of the country’s total catch for annual production of approximately 200,000 metric tons of fishmeal and 23,000 metric tons of fish oil.
Cooke says the acquisition will strengthen its marine ingredients business and diversify its geographic and species portfolio.
Glenn Cooke, the company's CEO, said the two companies are compatible.
“High-quality fishmeal and fish oil are essential animal and human nutritional ingredients,” Cooke said. “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.”
Founded in 1985 by the Cooke family in New Brunswick, Cooke came into Maine’s salmon-farming industry 20 years ago and is today one of Washington County’s largest employers. Cooke is also the largest private family-owned seafood company in the world, employing 13,000 people.
Cooke companies operate global aquaculture and wild fishery divisions in 14 countries.
Cooke entered the marine ingredients sector in 2017 with its acquisition of U.S.-based Omega Protein Corp., a nutritional product company and an 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.
“Cooke’s strategic agility and vertically integrated operations will enable Copeinca to remain competitive in an evolving global export market,” said Jose Miguel Tirado, CEO of the Peruvian company.
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