Salmon farmer Blumar has reached an agreement to acquire Salmones Ice Val, a coho salmon producer, for USD 51 million (EUR 44.6 million), marking another stepping stone in the ongoing consolidation of Chile’s salmon industry.
Blumar confirmed the agreement with the group of investors that currently own the coho farmer via a statement to the Chilean securities regulator SVS.
The purchase will bring Blumar five new coho concessions and three processing plants which Ice Val operates in the southern Aysen region. Over the last two years, the company has produced an average of 7,000 MT of coho salmon.
The transaction will be financed by debt, and Blumar expects to close the transaction in the next 15 days.
Blumar has been extending its reach and production as Chile’s salmon industry moves through a phase of consolidation. The company also increased its share of a fishmeal and oil processor in October 2018, and recently received approval to build a new USD 30 million (EUR 26.3 million) hatchery in the south of Chile.
Furthermore, the acquisition expands its spread of products by increasing its harvest of coho. In 2018, during the first nine months of the year, the company reported just over 28,000 MT of Atlantic salmon, and no coho salmon harvest. Blumar also produces fish oil and fishmeal, cuttlefish, and frozen horse mackerel, among other products.
Photo courtesy of Salmones Ice Val
