The owner of Cooke is already analyzing Pescanova’s assets in Vigo after his “ok” to the purchase

2023-04-22 10:43:13

When it came time to weigh the purchase offers put forward by the majority of Nueva Pescanova, Cooke Inc. was the only bidder that beat its own. This is an operation that would never have occurred to the Canadian company in a normal scenario, if the Galician fishing company had not staged a colossal bankruptcy in 2013, which left it in the hands of a pool of creditor banks and, finally, under the shelter of Abanca. But the moment arrived and in New Brunswick they have not hesitated: Pescanova complements itself with its vertically integrated business modelwith its future plans and growth aspirations, especially in the European market. And the same in reverse, because the United States is a place that the entire sector aspires to – it is the largest global importer of fish, above China – and where Cooke has earned a privileged position.

Glenn Cooke. FDV

But first it is time to bring the absorption project down to earth, which expected to close in about five or six weeks after the end of the due diligence (audit in detail). Glenn Cooke, CEO of the North American holding company, already knows the ins and outs of the largest marketer of fishery products in Spain. He arrived in Vigo this Thursday aboard a private plane, which will then take him to Barcelona to participate in the Seafood Expo Global fair, according to FARO. This newspaper contacted the property of the fishing company to obtain a return on the visit – the American businessman also had lunch in a Vigo restaurant with Abanca executives – without success.

The industrial capacity of Nueva Pescanova in Galicia is decisive for the group, and it will also be so for Cooke if the purchase is completed, as they are confident from Canada. A good part of the production of processed and value-added food is in Chapela, O Porriño or Arteixo. The Redondela factory has the capacity to produce 25,000 tons of refrigerated and frozen surimi per year, which is one of Pescanova’s quintessential references on the main shelves of distribution chains. With competition in the country, since companies such as Viciunai (with the Sistemas Britor factory, in Santander) or Angulas Aguinaga (Irura, Guipúzcoa) are also strongly committed to this product. Cooke does not make surimi; its demand is strong in Europe and the US, but above all in Japan, China and South Korea.

The owner of Cooke is already analyzing Pescanova’s assets in Vigo after his “ok” to the purchase.

In Chapela, in addition to that processed plant, there is the headquarters of Nueva Pescanova, which the delegation led by Glenn Cooke has been able to visit. The facilities have a double berth, 190 and 90 meters long, which allows the company to reduce its dependence on external logistics. That’s why the reefer With merchandise from the Malvinas, for example, they dock directly in front of the refrigerated warehouse, full of photovoltaic panels to reduce energy consumption. The offer that Pescanova contributes to the Cooke portfolio is also complemented by the factories of O Porriño (formerly Frinova, for preparing fish and cephalopods) and Arteixo (which uses vannamei shrimp and Argentine shrimp). The same happens with the aquaculture plant of youngwith another product that the Canadian firm does not have in its own production: turbot.

Captive fish farming has been in Cooke’s DNA since its inception, but with salmon, a species in which it is an international benchmark –it was born as Cooke Aquaculture– and which will be able to reinforce the offer of products with the Pescanova brand. In Europe, according to the European Market Observatory for Fisheries and Aquaculture Products (Eumofa), about 15,000 tons are consumed annually. It is not among the main references for the North American consumer. The Xove farm has a capacity for 2,800 tons per year, which is what Pescanova has available after having parted with the Mira (Portugal) macro-plant, the flagship project of the management team that took the company to bankruptcy. The Biomarine Center aquaculture research center, in O Grove, is one of the jewels in the crown of the Galician company.

• Chapel Center

  The Chapela industrial center has the capacity to produce 25,000 tons of surimi per year, Pescanova’s star reference in the distribution lines.

• O Porriño Factory

  It specializes in fish and cephalopod preparations in different formats: breaded, battered or deep-frozen. It can produce 30,000 tons per year.

• Artichoke plant

  With a capacity of 15,000 tons per year, it focuses on cooking vannamei shrimp or Argentine shrimp.

• Farms of Jove

  Following the departure of the Mira (Portugal) project, the Xove project is the only aquaculture industrial facility of Nueva Pescanova in Spain. It can produce 2,800 tons per year after also completing the full breeding cycle in Lugo. The Insuiña subsidiary has 63,000 square meters.

From Vigo to Barcelona

The Gulfstream G650ER model jet on which the Cooke team has traveled is one of the favorites for business trips due to its features and its long range, with a range of nearly 14,000 kilometers. It has capacity for up to 19 people. As FARO learned, the plane will leave the Peinador airport at the end of the weekend bound for Barcelona, ​​where a new edition of the Seafood Expo Global fair will start on Tuesday. There he has booked two stands for the brands Cooke Seafood, Cooke Aquaculture Scotland, Wanchese Europe –Armón Vigo is building a fishing boat for the Argentine subsidiary of this group– or Culmarex (its aquaculture subsidiary in Murcia). Nueva Pescanova will also participate in Seafood, which is the largest world event in the sector ahead of Conxemar.