Zaragoza, Spain-based Caladero will add a new range of species Profand’s portfolio. Caladero processes salmon, trout, seabream and seabass, as well as sardines, in addition to octopus, squid and shrimp Profand is known for.
Vigo, Spain-based Profand agreed to buy 100% of Caladero, which specializes in products in modified atmosphere packaging MAP) trays for Mercadona, which took control of the plant in 2010 after it ran into difficulties under Carlos Amoros, its former owner. The plan at the time was to eventually find an industry buyer such as Profand, which is the main supplier of cephalopods to the retailer.
The deal, which is pending approval by the Spanish competition authority, will allow Profand to “boost its growth and consolidate its leadership in Spain in both volume and efficiency and productivity”, the company said.
The MAP-focused Caladero plant in Zaragoza has 55,000 square meters of production area with a capacity total of 21,000 metric tons of product per year, employing some 600 staff.
Caladero will add €200 million ($222.50m) and a net profit of €3.4m to Profand’s growing business. When Undercurrent News revealed Profand’s move for Seafreeze, done in partnership with Michael Tourkistas, the founder of US shellfish processor East Coast Seafood Group, it emerged the deal would take the company past $500m. So, the addition of Caladero will make the wider Profand group to around $720m in annual sales.
“This is a strategically important transaction both for Profand and for the Spanish seafood industry as a whole. The sector was deeply affected by the 2008/09 financial crisis and this transaction is recognition of the fabulous recovery the sector experienced,” Ignacio Kleiman, founding partner of Antarctica Advisors, told Undercurrent News.