Reunion-based Cana Tera makes EUR 20 million Sapmer takeover bid

A Sapmer vessel in Reunion Island.

Sapmer has received a EUR 20 million (USD 21.6 million) investment from existing shareholder Cana Tera that will keep it operating near Reunion Island.

In November 2023, Sapmer, which is based on France’s Reunion Island, a territory in the Indian Ocean, announced that due to financial difficulties, it had sold its four Mauritius-flagged tuna-fishing vessels and was looking to divest from its Reunion fleet.

In a 6 February press release, Jaccar Holdings said it had culminated its divestment process by accepting a takeover offer from Reunion-based Cana Tera, along with other “new players from Reunion Island,” that allows the company to remain based on the island and independent.

"This capital increase, in addition to strengthening its own funds, will allow Sapmer to initiate an ambitious investment program, which will notably aim to renew its longline fleet,” Jaccar Holdings said. “The construction of innovative ships aims, among other things, to contribute to the safety and working comfort of crews, the preservation of the environment, the energy efficiency of the fleet, operational efficiency, and optimization of the valorization of fishery products.”

The offer gives Cana Tera 94.4 percent ownership of Sapmer Investissements in exchange for a guarantee of coverage of a capital increase in cash of EUR 20 million and a memorandum of understanding with Sapmer’s lenders that creates a two-year repayment moratorium on the company’s long- and medium-term debt. After two years, Sapmer will have five years to repay its existing debt.

“Following the capital increase on which the board of directors of Sapmer will be called to decide very soon, there will be no change of control of the company,” Sapmer Chairman and CEO Adrien de Chomereau said. “I am particularly happy with the outcome of this Sapmer sale process. We had set ourselves the objectives of keeping Sapmer under the French flag and guaranteeing the integrity of the company. We have gone even further … thanks to the Reunionese who responded!”

Cana Tera President Jacques de Chateauvieux said the transaction will allow the 77-year-old company to continue to operate its fleet of eight fishing vessels: four freezer longliners for toothfish fishing, a freezer potholder for lobster fishing, and three tuna purse-seiners capable of deep-freezing its catch to 40 degrees below zero Celsius. The company also has a retail tuna line that includes sashimi loins, steaks, cubes, and canned products.

“The solution proposed by Cana Tera makes it possible to satisfy the planned sale of the company Sapmer SA by Jaccar Holdings while maintaining continuity for the company, a reinforced presence in Reunion, and the integrity of its activities,” de Chateauvieux said. “In fact, the guarantee of coverage of the capital increase could be given thanks to the mobilization of institutions, entrepreneurs, and Reunionese families who wanted to ensure the sustainability of an emblematic company of the territory. This solution was also possible thanks to the support of the Sapmer banks, established on Reunion Island and committed in solidarity to the local economic fabric, whom I warmly thank on behalf of all.”

Photo courtesy of Sapmer


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