Troubled Spanish fisheries giant Nueva Pescanova is about to get new owners as New Brunswick marine protein group Cooke seals a deal for an 80% stake in the company.
Spanish bank ABANCA has held virtually all of the shares in Nueva Pescanova. A deal is being struck under which the bank sells 80% of its stake in the company to Cooke.
‘Since 2015 we have made considerable efforts to safeguard the viability of the company and keep the parent company and its subsidiaries integrated, and at the same time to maintain its headquarters in Galicia,’ said ABANCA president Juan Carlos Escotet Rodríguez.
‘This agreement makes it possible to integrate Nueva Pescanova into one of the main marine protein family companies in the world.
He commented that Nueva Pescanova will maintain its headquarters and brand in Vigo and ABANCA will retain a 20% stake.
ABANCA has pledged to continue to support Nueva Pescanova in the development of its business by maintaining a shareholding and as its banking partner.
The selection of Cooke as an industry partner is the culmination of a rigorous three-year review of the world’s leading companies in the industry.
According to ABANCA, this recognised Cooke’s operational capacity, with the capacity to reinforce stability, boost growth and develop the Galician fishing industry.
The family-owned Cooke Inc is marine protein company based in New Brunswick, Canada. It has aquaculture, marine protein, wild fish and nutrition divisions, with operations in twelve countries and almost 13,000 staff.
