Lima, Peru-based Océano Seafood has finalized the acquisition of Castellón, Spain-headquartered Pescados Fabregat (Pesfasa) for EUR 1.8 million (USD 2 million).
Pesfasa entered bankruptcy in November 2022 and its assets were put up for auction, attracting bids from Océano, Frimo, Cocimar, Bicapital, and Boreas Efficient Management, with Pesfasa’s workers overwhelmingly voting in favor of Grupo Océano’s offer on 3 June. Frimo, a seafood firm based in Monaco, appealed the decision, but a judge ruled on 21 June Frimo’s proposed modification of its offer was invalid, thereby awarding Pesfasa to Océano.
Océano has promised to maintain the previous staffing levels at Pesfasa, though its previous owners and managers from the Fabregat Beltrán family have been bought out and will exit, according to Castellón Plaza.
Océano Seafood CEO Michael McGregor and Sergio Piaggio, a former Océano commercial assistant and most recently the commercial manager of Madrid, Spain-based Bluefish – an Océano subsidiary focused on trading of pelagic species – will lead the management of Pesfasa following the takeover.
Océano was founded in 1997 as a fishmeal company, but has diversified into fishing, processing, and selling jumbo squid, loligo squid, flying fish roe, mahi, Argentine red shrimp, octopus, tuna, bonito, and anchovy. The company has five processing facilities in Peru and 1,100 workers, most of which are dedicated to Océano Fishing Services, which operates five loading docks across Peru, and Océano Foods, which sells a variety of consumer goods under the A-1 brand. More than 75 percent of the company’s seafood sales are to Asia, and much of the remainder, 17 percent, is exported to Europe.
Its sales to North America, accounting for 7 percent of total sales, will be augmented by the Pesfasa acquisition, according to Castellón Plaza, with Océano setting a medium-term objective of becoming a leader in the export of octopus to the U.S. Océano is willing to commit additional investment to that objective, according to the news site.
McGregor and Piaggio have promised Pesfasa’s staff transparency in decision-making and a full review of salaries company-wide, according to the publication.
Photo courtesy of Newburyport Fish Market
