Cooke Inc. purchase of Omega Protein finalized

Published on
December 20, 2017

Cooke Inc.’s USD 500 million (EUR 428 million) purchase of Omega Protein was finalized after stockholders of the Texas-based fish oil and fishmeal producer approved the deal in a special meeting on 19 December.

Cooke Inc., the parent company of Canadian seafood firm Cooke Aquaculture, first announced the acquisition in October. 

“The acquisition of Omega Protein will help further diversify the supply side of our business and supports our strategy of responsible growth as a leader in seafood production,” Cooke Inc. CEO Glenn Cooke said. “We are bringing together two innovative fishery teams with a passion for delivering superior products, service, and value to our customers in a safe and environmentally sustainable manner.”

Omega Protein is a nutritional product company that develops, produces and delivers highly-refined specialty oils, specialty protein products, nutraceuticals, foods, dietary supplements, and animal feeds.

Omega Protein Corporation is a nutritional product company and a leading integrated provider of specialty oils and specialty protein products. The company operates seven manufacturing facilities located in the United States, Canada, and Europe, and 30 vessels harvesting menhaden in the Atlantic Ocean and the Gulf of Mexico. Following the transaction’s finalization, Omega Protein’s fleet will be operated by Alpha VesselCo Holdings, Inc.

Under terms of the transaction, Cooke acquired all outstanding shares of Omega Protein, which is traded on the New York Stock Exchange under the symbol OME, for USD 22.00 (EUR 18.81) per share in cash. The transaction price represented a premium of 32.5 percent over Omega Protein’s closing share price of USD 16.60 (EUR 14.21) on 5 October, 2017.

Glenn Cooke said in a press release that his company found Omega Protein an attractive acquisition target because it of its animal feed ingredients, which he said are on track to receive Marine Stewardship Council sustainability certification.

“[They] are an important component in Cooke Aquaculture’s production of healthy Atlantic salmon, making this acquisition a strategic move that greatly enhances Cooke’s vertical integration,” Cooke said.

The Cooke family of companies includes global aquaculture divisions under Cooke Inc. and its wholly-owned subsidiary Cooke Aquaculture Inc. as well as a Canadian aquaculture division operated by its affiliate, Kelly Cove Salmon Ltd. The company also includes seafood divisions under Cooke Seafood USA, Inc. and Icicle Seafoods, Inc. Cooke Aquaculture Inc. has salmon farming operations in Atlantic Canada, the United States (in Maine and Washington), Chile, and Scotland as well as seabass and seabream farming operations in Spain. Its aquaculture operations include land-based juvenile production, marine farms, processing and distribution facilities, and the company also has  a global sales and marketing team as well as a full value chain service and supply sector.

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