Cooke Inc. has purchased Farallon Aquaculture de Nicaragua, a vertically integrated farmer and supplier of fresh-frozen shrimp.
Cooke did not disclose the price it paid for the Leon, Nicaragua-based firm, which employs 384 people at its hatchery, three farm sites, and a processing plant.
"Farallon Nicaragua is a company guided by the highest international standards in environment, health, security, and quality – all attributes shared with our existing aquaculture and wild seafood fishery divisions," Cooke Inc. CEO Glenn Cooke said. "With their long-term expertise in the shrimp market and emphasis on continuous innovation, Farallon is well-positioned to support our expansion in the shrimp market to supply high-quality, sustainable seafood."
Farallon Aquaculture de Nicaragua produces Pacific white shrimp and sells them under its own brands to markets in Asia, Europe, and to the United States. The company also offers post-larvae for commercial sale.
The purchase gives Cooke Inc., the parent company of Black Harbour, New Brunswick, Canada-based Cooke Aquaculture, a wider avenue to continue its expansion into shrimp. Earlier this year, Cooke announced it had acquired Seajoy Seafood Corporation, another vertically integrated Central American shrimp company. Seajoy specializes in producing value-added and organic Pacific white shrimp and selling to customers in Europe, the Americas, and Asia, and the company’s headquarters are located close by those of Farallon Nicaragua.
“We will integrate the company into our Seajoy operations, which allows for us to achieve Seajoy’s certifications for producing environmentally- and socially-responsible seafood from groups such as the GAA [Global Aquaculture Alliance], 4-star BAP [Best Aquaculture Practices], and ASC [Aquaculture Stewardship Council].”
Farallon Nicaragua Founder and Owner Jose B. Martinez said he believes the sale will allow his company to reach another level of success.
"Over the last two decades we have built a recognized and respected brand and look forward to continued success as part of the Cooke family of companies," Martinez said. "We believe this ownership transition will allow Farallon to realize its full potential."
