Target Information
Cooke, a leading Canadian seafood group and the fifth-largest fishing conglomerate globally, has announced the full acquisition of Corporación Pesquera Inca (Copeinca) for a total of US$56 million. With this acquisition, Copeinca strategically positions itself for operational consolidation and modernization. Under the leadership of General Manager José Miguel Tirado, the company aims to produce over 230,000 tons of fishmeal and 35,000 tons of fish oil in the upcoming year.
Environmentally, Copeinca is committed to transitioning its two plants in Chimbote to gas operations by 2025, with an investment estimated at around US$7 million. Additionally, it is developing a refrigeration project expected to cost approximately US$25 million and be completed in two to three years. The company is also considering renewing its fleet, projecting an investment of US$8 million per ship for the replacement or construction of three vessels over the next three to four years. Despite focusing on optimizing fishing operations in the short term, a significant strategic goal includes expanding into direct human consumption.
Industry Overview
The Peruvian fishing industry is currently experiencing dynamic growth, despite a marginal increase of only 2.7% in traditional fish export values, reaching US$2.187 billion between January and October. This growth occurs against a backdrop of declining prices for fish oils and fats. Companies in this sector have shown resilience, adapting to market fluctuations and changing environmental conditions.
The sector is characterized by robust participation from major players, including Austral Group and Pesquera Diamante, who have made significant investments in modernizing their fleets and processing plants. Austral Group, part of the Norwegian Austevoll Seafood ASA, has reinforced its fleet with the acquisition of the EP Adriana, a state-of-the-art fishing vessel compliant with international technology and environmental standards, reflecting a focus on sustainable fishing practices.
Meanwhile, other companies such as TASA and Exalmar continue to expand their operations through strategic acquisitions and modern vessel investments, enhancing their operational capacities and product offerings. The competitive landscape showcases a mix of traditional fishing practices alongside innovations aimed at sustainability and efficiency.
Rationale Behind the DealThe acquisition of Copeinca by Cooke is strategically motivated by the need to strengthen market presence and maximize operational efficiencies in a com…