Lucasiñas has regained 100 percent control of Profand Fishing Holding through a EUR 127 million (USD 133 million) transaction.
Lucasiñas announced it reached an agreement with Corporación Financiera Alba to acquire the latter company’s 23.7 percent stake in Profand. Corporación Financiera Alba acquired its stake in Profand Fishing Holding in 2021, at the time paying EUR 100 million (USD 105 million) for its portion of the company.
“The company’s aim is to invest long term in listed and unlisted companies in various sectors of the economy which stand out as leaders in their own sectors, with solid management teams as well as profitable and sustainable growth models,” the firm said in a release at the time. “Alba is joining this project having been attracted by Profand’s solid business model, high potential for growth worldwide, and excellent management team, which will continue to lead the company.”
In a press release, Lucasiñas said that since the purchase, Corporación Financiera Alba contributed to Profand’s growth and helped the company accelerate its geographic expansion and strengthen its position in the value chain.
“To this end, significant investments have been made to increase production capacity, both in extraction and processing,” Lucasiñas said.
Given the rate of inflation of the euro, that initial EUR 100 million (USD 105 million) purchase in 2021 would be similarly worth roughly EUR 119 million (USD 124 million) in 2025, based on an average inflation rate of 4.52 percent per years since 2021.
The latest EUR 127 million (USD 133 million) purchase of 23.7 percent would value Profand at roughly EUR 535 million (USD 561 million).
In 2023, the company reported an increased EBITDA on relatively flat sales, with a turnover of EUR 930 million (USD 976 million) for the full year. The company also said it made EUR 63.3 million (USD 66.4 million) in investments in 2023.
Profand also purchased Boston, Massachusetts, U.S.A.-based Stavis Seafoods in 2018 and then purchased distributor Caladero from Spanish supermarket chain Mercadona in 2019. In its FY 2023 results, the company also said it invested in a Pacific white shrimp aquaculture facility in Ecuador.
The company has not yet released its FY 2024 results.
