Cooke Inc. has finalized its acquisition of Peru-based Corporación Pesquera Inca S.A.C. (Copeinca), the country’s largest anchoveta-fishing firm.
New Brunswick, Canada-based Cooke announced its plans to purchase the company on 7 November. Using a binding share purchase agreement, a wholly owned subsidiary of Cooke – Copeinca Canada Inc. – will indirectly acquire all outstanding shares of Copeinca from PF Cayman New Holdco Limited.
The terms of the transaction were not disclosed.
“We’re excited to welcome Copeinca’s dedicated employees to the Cooke family of companies,” Cooke CEO Glenn Cooke said. “Copeinca will be a major contributor in furthering Cooke’s growth as a leader in strengthening global food security.”
Copeinca is Peru’s largest fishing company and one of the largest producers of fishmeal and fish oil in the world. Cooke first entered the marine ingredients sector in 2017 with its acquisition of Omega Protein for nearly USD 500 million (EUR 477 million), and the company said its latest purchase further strengthens its marine ingredients business.
When first announcing its plans to purchase Copeinca, Cooke said there’s “tremendous compatibility” between the two companies.
“We believe Copeinca will be a major contributor in furthering Cooke’s growth as a leader strengthening global food security,” Cooke said.
The purchase closes a complicated era for Copeinca, which was once part of the China Fishery Group’s assets before that company filed for bankruptcy in 2016.
The bankruptcy resulted in a long string of lawsuits and ultimately a sale of Copeinca, which attracted global attention but ultimately ended with creditors taking on the company after sales fizzled out.
William Brandt, the trustee overseeing the sale of the company’s Peruvian assets – including Copeinca – told SeafoodSource a lawsuit by court-appointed liquidator FTI Consulting that alleged the Ng family – which controlled a majority stake of China Fishery Group – used inflated revenues and fraudulent transactions to acquire Copeinca was a roadblock in his efforts to sell the company in 2018.
The complicated financial structure of the company was revealed through the lawsuits, and despite Brandt’s efforts to sell the company, the process ultimately fell through in 2021.
Now, the new purchase will see Copeinca and its eight processing plants, 45 vessels, and 2,770 employees operate for Cooke Inc.
“With the completed acquisition, Cooke further strengthens its growing marine ingredients business and diversifies its geographic and species portfolio,” Cooke said.
