Antarctica Advisors International Acts as Investment Banking Co-Advisor in the Sale of World Leading Fishmeal Producer Copeinca to Canada’s Cooke

December 2nd, 2024 Antarctica Advisors International Corp, (“Antarctica”) the leading Seafood Industry-focused M&A advisory firm, acted as sell-side investment banking co-advisor to the shareholders of Corporacion Pesquera Inca S.A.C. (“Copeinca”), one of the world’s largest fishmeal and fish oil producers, in its 100% sale to Cooke Inc. (“Cooke”), one of the leading Seafood producers in the world. Copeinca is the largest fishing company in Peru, with 2,770 employees, 45 vessels and 8 processing plants, producing annually 200,000 MT of fishmeal and 23,000 MT of fish oil for export.

Jose Miguel Tirado, CEO of Copeinca, commented: “We retained the Antarctica team for their unique knowledge of this sector and their global reach to decision makers in this industry.”

Glenn Cooke, CEO of Cooke., commented: “Once again the Seafood Team at Antarctica reached out to us with the right acquisition opportunity. They have a unique understanding of the industry‘s dynamics and of Cooke‘s growth strategy, making them a great counterpart for our M&A activities around the world.“

Ignacio Kleiman, Managing Partner of Antarctica, commented: “Antarctica’s bankers make it their business to understand the different Seafood Industry players’ goals and strategies by maintaining regular dialogue with their decision makers. This transaction is a great outcome for the shareholders of Copeinca and makes Cooke the single largest fish meal and fish oil producer in the world.

Antarctica is a leading independent investment bank providing M&A advisory services for corporate clients in the Global Seafood Industry. Backed by a highly specialized team of experienced professionals, the firm offers deep expertise across the Seafood Industry’s value chain and has a proven track record of successfully executing transactions.

Antarctica Advisors International Corp services only corporate clients outside the U.S. M&A advisory services for clients in the U.S. are provided by Antarctica Advisors LLC.

For further information, contact Ignacio Kleiman (IK@AntarcticaINTL.com) or Germain Thoss (GT@AntarcticaINTL.com) or visit www.AntarcticaINTL.com

 

Antarctica Advisors: Cooke’s Copeinca acquisition will reshape Peruvian fishing landscape

With the acquisition of Copeinca, Cooke surpasses Tasato become the world’s largest producer of fishmeal and fish oil, according to Undercurrent News sources

Canadian seafood giant Cooke’s near-$1 billion acquisition of Peru’sCopeinca, announced on Thursday (Nov. 7), as reported by Undercurrent News, marks a significant shift in the global fishing industry.

The acquisition cements Cooke’s position as the world’s largest producer of fishmeal and fish oil, positioning it as a key supplier for aquaculture and global feed producers, overtaking Peru’s largest fishmeal producer, Tasa, several industry executives tell Undercurrent. Cooke also owns Omega Protein Corporation in the US.

In a telephone interview Friday (Nov. 8), Ignacio Kleiman, managing partner of Antarctica Advisors, a Miami, Florida-based financial advisory firm specializing in the seafood sector, emphasized this acquisition’s “strategic” importance. It connects “the northern hemisphere producer with the southern hemisphere producer,” he said.

Antarctica Advisors and Deutsche Bank are handling the Copeinca sale on behalf of the investment firms Davidson Kempner Capital Management and Monarch Alternative Capital, which took control of Copeinca’s then-parent CFG Investment in 2021. CFG was formerly part of the Hong Kong-based Ng family’s now-defunct Pacific Andes group empire, which began bankruptcy protection proceedings in 2016.

The magnitude of the deal can’t be overstated.

Copeinca, established in 1994, has grown to become Peru’s largest fishing company, with 2,770 employees, 45 vessels and eight processing plants spanning Peru’s north and center coastline. It holds the largest anchovy quota in Peru at 15.9% and processes approximately 21% of the country’s total catch for annual production of roughly 200,000 metric tons of fishmeal and 23,000t of fish oil, according to Cooke.

Meanwhile, Peru’s second anchovy season is underway. Between Nov.1 and Nov. 7, the fishing sector has already caught 248,199t, equivalent to 10% of the vast quota set by the country’s production ministry in late October, according to Undercurrent sources.

Meanwhile, the integration across hemispheres won’t just be geographic. It also provides stability to Copeinca, which has faced years of financial uncertainty, Kleiman said.

“This gives Copeinca a very bright future in the hands of Cooke,” he said. “It’s a great company with excellent management, and Cooke will ensure it has a stable and promising path forward.”

Cooke’s acquisition marks a significant leap in vertical integration for Cooke, Kleiman said. It allows the company to hedge fishmeal and fish oil prices, which are critical feed ingredients in its aquaculture operations.

“If you’re on both sides of the equation regarding fish feed pricing, you manage to stabilize your margins, creating a more resilient business model,” he noted.

By controlling an extensive supply chain share, Cooke can buffer price volatility, which benefits its financial stability in the aquaculture market.

A potential catalyst for change

Kleiman also highlighted that this acquisition could prompt broader changes within the Peruvian fishing sector, noting that the deal is”great for the industry as a whole.”

Copeinca’s entry into Cooke’s operations might attract additional strategic investors looking to consolidate or partner with local players, many of which have long sought foreign investment without success, he said.

“Some of Peru’s leading fishmeal companies have been open to deals for over a decade,” he noted without naming any firm in particular.

Cooke’s entry might spur other global players to follow suit, Kleiman said. The acquisition could set a precedent for foreign-led consolidation, reshaping Peru’s fishing industry by bringing in more external capital and expertise. Such developments could offer the Peruvian sector an opportunity for modernization.

“The announced acquisition by Cooke of Copeinca means a lot for the Peruvian industry and the country, in addition to what it means for the company itself,” agreed Peruvian fishing expert Pablo Trapunsky, former CEO of another fishmeal producer, Pesquera Diamante.

“After more than 10 years of the CFG take over [of] Copeinca by a hostile offer at the Oslo Stock Exchange, we finally reach the last chapter of this history. The Canadian seafood company Cooke steps into the Peruvian Fishing industry and will indeed change the whole game since the group also controls Omega Protein in the US, which also produces fishmeal and fish oil, same as Copeinca,” Trapunskywrote on LinkedIn.

Trapunsky also believes that this deal will “definitely change” the industry.

“Cooke is acquiring roughly 21-22% of the Peruvian fishmeal and oil production. But Peru accounts for roughly 25% of world production. So, it means about 5-6% of world production, and you have to add the products produced in the US by Omega Protein. That’s huge,” he wrote.

“And for the industry, it will mean regaining value as the products become more and more relevant, especially crude fish oil. We saw last year what happened there due to El Nino. We just wish all the best to Cooke on this adventure and also to all Copeinca’s workers, who can now focus 100% on their performance.”

El Nino’s minimal impact on deal viability

Peru’s anchovy harvest has been impacted by weather fluctuations over the last year, which caused the cancellation of the first anchovy season in 2023, but Kleiman downplayed the effect of recent El Nino events on this transaction.

“When El Nino hits, the fish don’t die: They move away,” he said.

This year’s anchovy season, which started strong after last year’s downturn, was a reminder of the industry’s resilience and ability to recover quickly, Kleiman said.

In his view, the Cooke team skillfully navigated the complexities of the Copeinca acquisition, dealing with financial and structural challenges that made the deal more intricate.

He declined to give Undercurrent additional details or discuss the agreed upon price. He only commented that “it was a very complex deal,” crediting Cooke’s diligence and Copeinca’s strong management.

 

SOURCE: Undercurrent News

Cooke to buy Copeinca in dealthat may be worth near-$1bn

Canadian seafood giant Cooke confirms it’s buyingCopeinca, one of the world’s largest fishmeal and fish oil producers and exporters

Canadian seafood giant Cooke has confirmed it is buying CorporacionPesquera Inca (Copeinca) of Peru, one of the world’s largest fish meal and fish oil producers and exporters.

Cooke and PF Cayman New Holdco have executed a binding share purchase agreement under which a wholly-owned subsidiary of Cooke will indirectly acquire all the outstanding shares of Copecina, Cooke’svice president of public relations, Joel Richardson, said in a press release on Thursday night (Nov. 7).

Cooke did not disclose the value of the deal. It is a private transaction, Richardson told Undercurrent News.

However, the deal could be worth close to $1.0 billion, considering Copeinca had earnings before interest, taxes, depreciation and amortization of around $130 million, sources told Undercurrent earlier this year.

Antarctica Advisors and Deutsche Bank are handling the Copeinca sale on behalf of the investment firms Davidson Kempner Capital Management and Monarch Alternative Capital, which took control of Copeinca’s then-parent CFG Investment — formerly part of the Hong Kong-based Ng family’s now-defunct Pacific Andes group empire — in2021 after a bankruptcy protection process started in 2016.

Parlevliet & Van der Plas, a family-owned corporation in the Netherlands, had also been rumored to be one of the bidders for Copeinca, sources told Undercurrent in July.

Recently, however, there was a clue that Cooke was closing in on a deal. In October, a company called Copeinca Canada was registered in the province of New Brunswick.

“There is tremendous compatibility between Cooke and Copeinca, and we’re excited to welcome Copeinca’s dedicated employees to the Cooke family of companies,” said Glenn Cooke, CEO of Cooke, in the press release.

“High-quality fishmeal and fish oil are essential animal and human nutritional ingredients. They ensure a safe and wholesome feed supply for the growth and care of animals in several farming groups, including aquaculture. We believe Copeinca will be a major contributor in furthering Cooke’s growth as a leader in strengthening global food security,” Cooke added.

Copeinca, established in 1994, has grown to become Peru’s largest fishing company with 2,770 employees, 45 vessels and eight processing plants that span the north and center coastline of Peru.

The company holds the largest anchoveta (Enaraulis ringens) quota in Peru, at 15.9%, and processes approximately 21% of the country’s total catch, producing approximately 200,000 metric tons of fishmeal and 23,000 t of fish oil annually.

“Cooke’s strategic agility and vertically integrated operations will enable Copeinca to remain competitive in an evolving global export market,” said Jose Miguel Tirado, CEO of Copeinca, in the joint press release.

“Our Peruvian company is thrilled to join the Cooke family of companies. Peru and Canada have a very strong and growing trade and investment relationship thanks to active collaboration between governments under the Canada-Peru Free Trade Agreement.”

Cooke entered the marine ingredients sector in 2017 by acquiring US-based Omega Protein Corporation, a nutritional product company and a leading integrated provider of specialty oils and protein products.

Peru is Canada’s second-largest export market in Central and South America and its fourth-most important export market worldwide.

The deal is expected to close before the end of November.

 

SOURCE Undercurrent News

Seafood M&As are picking up speed. Here are the top deals so far this year

Global economic upheaval has not put a dampener on seafood industry consolidation this year.

The seafood processing, aquaculture, fisheries and aquatech sectors have shown a surprising amount of merger and acquisition (M&A) activity so far in 2024, reflecting both investor enthusiasm and the ongoing need for consolidation.

Deals slowed in 2023 from the year prior. An IntraFish tally showed 77 acquisitions, mergers and significant investment stakes in 2023 — a 7 percent decline over 2022. However, based on the pace so far in 2024, it is conceivable that this year will reach that level, if not higher.

IntraFish on reported over 60 mergers, acquisitions or substantial stake sales through the first nine months of the year.

Ignacio Kleiman, principal at Antarctica Advisors, a boutique seafood advisory group, told IntraFish that this year shows the appetite for some industry players to continue much-needed consolidation on the processing and distribution side in particular.

“It’s been a year of consolidation,” he said. “It’s been a year with larger deals that were more prominent, as opposed to a whole bunch of small deals last year.”

Kleiman noted that some of the larger players with “more imagination” took advantage of supply chain inefficiencies. Japanese giants were among the deal-makers this year, as were Canadian group Cooke, Norwegian firms SalMar, Nergard and Pelagia, and biopharma behemoth MSD.

Kleiman said the recent rate cut by the US Federal Reserve, though it may not have an immediate impact, is building confidence among owners that may have been reluctant to start discussions.

The fourth quarter is also a notorious period for inking deals, so it’s inevitable that the industry will see more come through, according to Kleiman. Though he expects to see consolidation in processing and distribution in particular, the fragmentation across the industry means there are many more deals to come across the entire value chain.

“There has to be more integration and more consolidation…just because that’s a way of capturing more margin and generating a substantial level of synergies,” Kleiman said.

One sector that should be more acquisitive than it has been, given its size and strength, is the Norwegian salmon farming sector, he said.

“They continue to do exactly the same thing they were doing 10 years ago, as opposed to looking for a way of diversifying into other species.”

Anne Hvistendahl, global head of seafood at DNB, the world’s largest lender to the seafood industry, said the Norwegian salmon industry has plenty of consolidation to tackle in its own backyard, with around 80 salmon farmers in Norway.

“Things will happen, and we have mandates in that direction,” Hvistendahl told IntraFish. “You have generational change, so over time there will be fewer players in Norway and in Chile.”
Both in Norway and across borders, the industry can expect to see more deals come to fruition in the salmon sector, but if owners are happy with their operations, it’s difficult to convince them to think about consolidation, Hvistendahl said.

Dag Sletmo, senior advisor for DNB Seafood, put it bluntly: “Everybody wants to buy, and nobody wants to sell.”

Listen to our full conversation with Kleiman on the most recent episode of the IntraFish Podcast, and follow us on Apple and Spotify to hear our upcoming\ conversation with Hvistendahl and Sletmo.

Listen the PODCAST here.

Antarctica Advisors Acts as Sell-Side Advisor to the Danish Trout Farmer AquaPri in its Majority Sale to France’s van der Wees Family

October 1, 2024 – Antarctica Advisors International Corp, a leading cross-border Seafood Industry-focused M&A advisory firm, acted as investment banking advisor to the Priess family, along with Nordic M&A, in the majority sale of AquaPri in Denmark to France’s van der Wees Family.

Established in 1900, AquaPri is engaged in farming, processing and sales of trout caviar, trout and fresh zander with total of 25 facilities in Denmark, both on land and at sea, making it the
largest aquaculture group in Denmark.

The van der Wees family is a French entrepreneurial family with roots in retail. Alexandre van der Wees will become the CEO of AquaPri. He was formerly the aquaculture-focused investment director of Creadev, which holds stakes in The Kingfish Company and Innovafeed.

“Over the years, the family has developed a strong passion for aquaculture, and the investment in AquaPri is rooted in the ambition to create a new business division,”; said van der Wees in a statement on the deal.

Birgir Brynjolfsson, a Founding Partner at Antarctica Advisors, commented:

“Antarctica’s specialized Seafood Transaction Team, partnered with Nordic M&A in Denmark to leverage our strengths in bringing this transaction to a successful closure for the Priess family, which will continue producing the highest-quality trout, caviar, and zander for markets around the world”

Antarctica Advisors International Corp is an independent investment banking firm providing international clients in the Global Seafood Industry with specialized cross-border, industry- focused M&A advisory as well as private equity and debt capital raising services.

 

For further information contact Birgir Brynjolfsson at BB@AntarcticaINTL.com or visit www.AntarcticaINTL.com

Captain Fresh moves into salmon with deal for Polish processor

India’s Captain Fresh has signed a deal to acquire Polish smoked salmon processor Koral, the company confirmed to Undercurrent News on Wednesday

Captain Fresh, the acquisitive Indian tech-led seafood supply chain company, is set to acquire Koral, a Poland-based producer and distributor of branded salmon products, the company confirmed to Undercurrent News on Wednesday.

In December 2023, Undercurrent revealed Captain Fresh was working on a deal for Koral. In February, Captain Fresh closed a deal for US shrimp and frozen seafood importer Central Seaway Company (CenSea), which Undercurrent had also previously reported was in the works.

The sellers of Koral — which is part of the wider Graal group — are Abris Capital Partners and Boguslaw Kowalski, the company’s founder. The transaction is subject to the Polish antimonopoly office and other regulatory approvals.

Antarctica Advisors, a seafood-focused corporate finance boutique, represented the sellers. Antarctica is also advising Abris and Kowalski on the as-yet-unclosed sale of the rest of Graal to German dairy giant Unternehmensgruppe Theo Muller.

Koral manufactures smoked salmon products that are sold across domestic and international markets under the brand SuperFish. The company has 26 production lines, processing 120 metric tons of fish daily. This marks Captain Fresh’s entry into the coveted salmon market, estimated at $33.5 billion in 2024, according to a Mordor Intelligence Report cited by the company in a statement on the eagerly awaited deal.

Captain Fresh has also entered the European shrimp market, buying Senecrus, a French cooker and distributor, before closing the CenSea deal.

“We are pleased to welcome Koral to the Captain Fresh group. This acquisition is a strategic milestone in our mission to become the leading tech-enabled multi-species, multi-origin global seafood conglomerate,” said Utham Gowda, CEO and founder of Captain Fresh.

“The European market is one of the most exciting VAP (value-added product) opportunities in seafood globally, he said. “Koral augments our earlier acquisition of France-based Senecrus, adding marquee Polish and German retailer brands to our portfolio of offerings. Koral’s ‘smoked’ format capability complements Senecrus’ ‘cooking’ format capability.”

Captain Fresh is “thrilled to mark our foray into the salmon value chain, which is one of the largest segments within the seafood industry,” said Gowda. “With seasoned leaders BoguslawKowalski and Justyna Frankowska leading our global salmon strategy, we are gearing up for the next phase of growth.”

Frankowska will take the role of Koral CEO after the deal closes,he said.

Founded in 2020, Captain Fresh has established itself as one of the world’s largest exporters and distributors of fish and seafood.

Backed by investors, including Tiger Global Management, Prosus Ventures, British International Investment, Z47 (fkaMatrix Partners India), Accel, SBI Holdings, Evolvence Group, Ankur Capital, and Incubate Fund, “Captain Fresh aims to leverage its proprietary tech to create one of the largest seafood platforms in the world,” it said.

The group is expected to close the current financial year at a revenue run rate of $650 million to $700m.

“This acquisition of Koral by Captain Fresh is further evidence of the fantastic potential of Central European businesses and the growing appetite of international conglomerates for investment opportunities in the region,” said Kamil Gajdzinski, investment manager at Abris. “We are pleased that we have found the ideal capabilities in Captain Fresh, which will drive international growth and further consolidation in this sector.”

 

SOURCE: Undercurrent News

Will 2024 be a better year for seafood M&A deals? See what the experts have to say

This year is set to be a better year partly amid improved stock market sentiment, financial executives told IntraFish.

The seafood industry could see more mergers and acquisitions in 2024, although deals may be smaller and driven by the technology and artificial intelligence sectors, according to those in the M&A business.

There were fewer M&A deals last year, despite the fact the seafood sector did not suffer as significant a fall as several other sectors.

Ignacio Kleiman, managing partner at investment banking firm Antarctica Advisors, said he expects 2024 to be a better year amid improved sentiment towards the stock market and an expectation of easing interest rates.

“I think that the outlook is positive. Last year was a little slower because we were digesting higher interest rates and some volatility in Ukraine and all of that. But I think all of that has been digested already. Besides that, there was volatility in different sectors of seafood, in shrimp, in salmon, in snow crab still, and lobster. It was a pretty difficult year in general.”

In spite of this, a number of transactions did happen. An IntraFish analysis shows 77 acquisitions and investments were completed during 2023, down more than 7 percent from 2022’s 83, but 18.5 percent higher than the reported 65 deals during 2021.

Antarctica itself closed the sale of Seafresh to Oceana of Peru and the Continental Grain Company (Conti), Organizacion Cultiba SAB de CV (Cultiba), Equity Group Investments (EGI), and Castle Harlan investment in Mexico-based tuna rancher Baja Aqua Farms, in addition to a number of unreported private deals.

“There is more stuff popping up. I think people have an expectation that eventually interest rates are going to startcoming down, inflation is coming down, earnings and profitability is stabilizing,” Kleiman said.

“The understanding and the expectation is that we are on the other side of this curve, and earnings and the cost ofmoney is and will continue to stabilize. I think that is favorable winds for a pick up in M&A activity, ” Kleiman said.

Given the trend for seafood industry consolidation and the drive for companies to become more efficient, deals of all sizes in different sectors and countries are likely in his view.

“Last year, people were pretty focused on improving their operations, so they were inwardly focused. This year, we are going back to a more normal environment where people are also looking for acquisition opportunities to grow.”

John Doucette, executive vice president and head of commercial lending for US-based M&T Bank, said he expects M&A levels to be similar to those of 2023.

“There is certainly M&A activity that is out there. I think that trend is still going to continue. Values might come down a bit given the interest rates.”

In a difficult climate, banks want to see steady cash flow and, where possible, upswings in this metric before lending, the executive said.

“You are going to see more private equity or family office [involvement]. There are going to be some mergers where there is not going to be as much cash.”

Doucette expects to see lower deal valuations, especially in the US Northeast where the industry is more fragmented.

Interest rate reductions expected to begin in mid-2024 could also help propel the number of M&As in Doucette’sview. “That’s certainly going to make it easier to digest,” he said.

Tech and equipment are sexy

Seafood Corporate Advisors Partner Jorgen Horntvedt said seafood M&A in 2024 will be all about technology and equipment, with tech providers really relevant in terms of decreasing environmental footprints and collecting utilizing data to enable more informed real-time decisions and improving efficiency.

“Utilizing byproducts will provide further consolidation opportunities for larger ingredient companies. Overall, the ongoing consolidation across the equipment supplier segment is expected to continue,” Horntvedt said.

For Hakon Berg, CEO at Norway-based investment group Skeie Teknologi, there is likely to be a fair amount of M&A activity across the digital seafood space in 2024 because of a growing need for data and precise measuring.

There is a significant number of these companies in the space and many of them are looking for cash, and as they become more mature businesses they are becoming more attractive targets, he added.

The prognosis is less clear for Norwegian salmon farmers, who were hit last year with a new 25 percent tax, known as the ground rent tax, on their sea-based farming operations.

“In Norway, the aquaculture tax could lower M&A volumes due to market uncertainty, but the market could also see a heightened focus on consolidation amongst farmers,” Berg said.

“I think we could see a growth in trade sales of smaller farmers due to the tax situation in Norway and the overall economies of scale in the industry.”

SOURCE: The Wave

India’s Captain Fresh in $50m fundraise to complete deal for US shrimp importer

India’s Captain Fresh is in talks to raise a further $50m from investors as part of the financing for the planned acquisition of US shrimp importer CenSea

India’s Captain Fresh is in talks to raise a further $50 million from investors as part of the financing for the planned acquisition of US shrimp importer, with a deal for a European salmon processor set to follow later in the year, sources told Undercurrent News. As Tech Crunch reported the plans to raise the $50m, Undercurrent sources said the deal talks to buy $300mturnover US shrimp importer Central Seaway Co. (CenSea) are very advanced.

“It sounds like the deal [for CenSea] is close. I’d say weeks away,” one source, who asked not to be named, told Undercurrent. Two more sources with knowledge of the talks confirmed the situation. It’s likely the deal will close before Seafood Expo North America, which takes place in Boston, Massachusetts, March 10-12, they said. CenSea’s management team, led by Joe Rosenberg, Jeff Stern and Nate Torch, declined to comment to Undercurrent. Utham Gowda, CEO and founder of Captain Fresh, which has 80,000 metric tons of seafood going through its Indian platform, did not respond to a request for comment.

Executives with Antarctica Advisors, which is running the sale process for CenSea, also did not respond to a request for comment.

According to Tech Crunch, Captain Fresh is in the “advanced stages” of raising $50m from Nekkanti Sea Foods and venture capital firms SBI Investment, Evolvence, Tiger Global, and Prosus Ventures. Nekkanti, one of India’s largest shrimp processors, led an extended Series C fundraising with $6m, Startup Story reported in January.

The extended Series C is also mentioned by Tech Crunch, which reported it was $15m in total. Prior to the new $50m funding, Captain Fresh had raised over $100m and was valued at $500m in its previous round.

Nekkanti was one of Captain Fresh’s first investors. Captain Fresh CEO Gowda worked for Nekkanti from 2018-2019 as the shrimp processor looked at an initial public offering. He previously worked in banking.

EU salmon deal

Captain Fresh’s planned deal for Polish smoked and fresh salmon processor Koral, which is majority owned by private equity (PE) Abris Capital Partners, is still underway and expected to close later in the year. Koral is the remaining asset left in the PE-backed Graal group after the sale of the company’s canned fish and ready meal assets to German food giant Unternehmensgruppe Theo Muller earlier in 2023, a deal first reported by Undercurrent.

It’s thought this deal is on track, but the aim is to close later in the year.

The Koral plant, which produces fresh, smoked and marinated salmon and whitefish under brands like Super Fish as well as private label, is 22,000 square meters in size.

According to the Graal website, the plant in Kukinia, in the northeast of Poland, has 23 production lines for fresh, cold and hot smoked and marinated fish. The company can process 100t of raw material daily, with salmon and trout, halibut, seabass and tuna as its main species.

As well as smoked products, Koral can produce fresh fish in skin packs and modified atmosphere packaging. Over 500 are employed in the plant, the website states.

Antarctica Advisors is also running the sale process for Koral, having also worked on the sale of Graal’s canned fish and ready-meal assets to Muller.

Captain Fresh has hired Spanish executive Basola Valles to lead the European business as part of his expansion plan. Valles, who worked on Amazon’s European launch and has held top positions with other corporates, has since hired Luz Benitez Povedano as senior commercial director for the EU.

Povedano, who previously worked for France Telecom, Groupon, and JustEat Takeaway, joined the team in

 

SOURCE: Undercurrent News

India’s Captain Fresh in talks to buy EU salmon processor, US shrimp deal still in works

VG-funded Indian seafood player Captain Fresh is closing in on the acquisition of a European salmon processing plant while still negotiating a deal for a US shrimp importer, sources say.

Venture capital (VC) funded Indian seafood player Captain Fresh is closing in on the acquisition of a European salmon processing plant while still negotiating a deal for US shrimp importer Central Seaway Co. (CenSea), sources told Undercurrent News. Captain Fresh, valued at $500 million in a 2022 VC fundraising round, is in talks to buy Polish smoked and fresh salmon processor Koral, which is majority-owned by private equity (PE) Abris Capital Partners, sources said.

Koral is the remaining asset left in the PE-backed Graal group after the sale of the company’s canned fish and ready meal assets to German food giant Untemehmensgruppe Theo Muller earlier in 2023, a deal first reported by Undercurrent.

Wojciech Jezierski, senior partner with Abris, declined to comment to Undercurrent. Boguslaw Kowalski, the former CEO of Graal who exited at the point of sale to Muller, did not respond. The Koral plant, which produces fresh, smoked and marinated salmon and whitefish under brands like Super Fish as well as private label, is 22,000 square meters in size. According to the Graal website, the plant in Kukinia, in the northeast of Poland, has 23 production lines for fresh, cold and hot smoked and marinated fish. The company can process 100 metric tons of raw material daily, with salmon and trout, halibut, seabass, and tuna as its main species.

As well as smoked products, Koral can produce fresh fish in skin-packs and modified atmosphere packaging. Over 500 are employed in the plant, the website states. Utham Gowda, the CEO and founder of Captain Fresh, who discussed the company’s desire to expand in Europe and the US with Undercurrent earlier this year, declined to comment on the Koral talks.

Gowda has hired Spanish executive Basola Valles to lead the European business as part of his expansion plan. Valles, who worked on Amazon’s European launch and has held top positions with other corporates, did not respond to a request for comment. US-based boutique advisory firm Antarctica Advisors, which is running Koral’s sales process, declined to comment. Antarctica also ran the process for the other Graal assets to Muller. Antarctica is also running the sale process of US shrimp importer and frozen seafood supplier CenSea, which Undercurrent revealed Captain Fresh is also in discussion to buy. It’s understood these talks are continuing.

Executives with CenSea were not immediately available for comment.

Who is Captain Fresh?

Gowda’s Captain Fresh is one of several Asian companies seeking to bring technological advancement to the seafood sector, with another being Indonesia’s eFishery. In September, Captain Fresh announced a $20m capital boost as part of an ongoing funding round for global expansion. The investment was led by Japan-based SBI Investment and Evolvence Capital, with continued support from internal investors such as Accel, Matrix Partners India, Prosus Ventures and Tiger Global, among others, the company said at the time. With a particular focus on penetrating the European and US markets, the company is already engaged in discussions with potential allies there, it said.

“We stand at a transformative juncture in our aim to establish Captian Fresh on the global stage,” said Gowda in a statement from September.

“Over the past three years, we’ve built significant supply­side capacity by establishing a robust network connecting us directly to Indian coastal fishermen and farmers. This is in addition to developing deep partnerships with more than a dozen export-focused factories.”

He added: “Although we handle over 80,000t of seafood annually, it’s merely scratching the surface of our potential. Our platform is primed to optimize every investment dollar, especially in high-margin markets like Europe and the US.” Captain Fresh offers a diverse product range, encompassing over 100 varieties of fish and seafood, with a presence in more than 30 countries worldwide, the company said at the time.

The company has also been inking supply deals with plants in the rest of Asia after becoming its home country’s largest seafood factory operator, the company’s founder previously told Undercurrent.

He said that Captain Fresh has signed supply deals with plants in Indonesia, the Philippines, Sri Lanka, and Vietnam after growing its domestic footprint.

 

Source: Undercurrent News

 

Investors snap up Mexican bluefin tuna ranching giant Baja Aqua Farms

The investor group includes: Equity Group Investments, a firm founded by late US billionaire Sam Zell; CastleHarlan, another private equity; Mexican beverage bottler Organizacion Cultiba SAB de CV; and Continental GrainCompany from the agribusiness sector.

A group of prominent investors has acquired Baja Aqua Farms (BAF), one of the world’s leading vertically integrated bluefin tuna ranching companies.

The investor group is comprised of US private equity firm EquityGroup Investments, founded by the late US billionaire Sam Zell; Mexican beverage bottler Organizacion Cultiba SAB de CV; agribusiness company Continental Grain Company; and private equity firm Castle Harlan.

While full financial details were not disclosed, Cultiba contributed around $40 million for a minority stake in BAF, according to a transaction filing seen by Undercurrent News. As part of the deal, representatives from each investing company will join BAF’s board of directors.

Antarctica Advisors served as the exclusive sell-side advisor to BAF on the deal, led by Birgir Brynjolfsson.

In a statement, BAF CEO Manuel Vazquez said the consortium’s”combined operational expertise will be a major asset in driving the growth and expansion of our business going forward.”

BAF operates tuna ranching facilities in Mexico’s Baja California, from where it supplies sashimi-grade bluefin to high-end restaurants and retailers worldwide.

 

Source: Undercurrent News