Cooke Inc., a seafood company from New Brunswick with salmon farms and hatcheries in Maine, has teamed up with a Cayman Island holding company to purchase a fishmeal and fish oil producer and exporter in Peru.
The deal involves Cooke and PF Cayman New Holdco Ltd. signing a binding share purchase agreement, with a Cooke subsidiary set to acquire outstanding shares of Corporación Pesquera Inca S.A.C., also known as Copeinca. While the exact terms of the agreement were not disclosed, the acquisition is expected to be finalized within this month.
Established in 1994, Copeinca has grown to become Peru’s largest fishing company, employing 2,770 people, operating 45 vessels, and managing eight processing plants along the north and center coastline of Peru. The company holds the largest fishing quota for anchoveta in Peru, processing a significant portion of the country’s total catch to produce around 200,000 metric tons of fishmeal and 23,000 metric tons of fish oil annually.
According to Glenn Cooke, the CEO of Cooke Inc., the acquisition of Copeinca will enhance their marine ingredients business and diversify their geographic and species portfolio. He emphasized the importance of high-quality fishmeal and fish oil as essential nutritional ingredients for animals and humans alike, ensuring a safe and healthy feed supply for various farming sectors, including aquaculture.
Cooke Inc., founded in 1985 by the Cooke family in New Brunswick, made its entry into Maine’s salmon-farming industry two decades ago and has since become one of the largest employers in Washington County. As the largest private family-owned seafood company globally, Cooke employs 13,000 people and operates aquaculture and wild fishery divisions in 14 countries.
In 2017, Cooke expanded into the marine ingredients sector with the acquisition of Omega Protein Corp., a US-based company specializing in nutritional products, specialty oils, and protein products. Peru serves as the second-largest export market for Canada in Central and South America, while Canada ranks as the fourth-most important export market for Peru worldwide.
Jose Miguel Tirado, the CEO of Copeinca, expressed confidence in Cooke’s strategic agility and vertically integrated operations, highlighting their ability to help Copeinca remain competitive in a constantly evolving global export market.
The collaboration between Cooke Inc., PF Cayman New Holdco Ltd., and Copeinca signifies a significant move in the seafood industry, with the potential to further enhance global food security and strengthen the position of the companies involved in the international market.
