Japan’s third largest seafood company in strategic move to solidify its presence in Europe and the Middle East.
Kyokuyo Europe, a subsidiary of Japanese seafood giant Kyokuyo, is set to acquire a controlling 51 percent stake in Kocaman Balıkçılık, a prominent Turkish processor and distributor of salmon and trout products.
The transaction involves Kyokuyo Europe acquiring new shares through a third-party allocation and purchasing existing shares from current shareholders of Kocaman Balıkçılık.
The agreements with Kyokuyo, a company boasting an impressive $1.7 billion in annual revenue, are expected to be finalized on January 29, with the overall transactions anticipated to conclude by the end of March, according to a company announcement from Kyokuyo.
The financial terms of the deal remain undisclosed.
This acquisition is part of Kyokuyo’s broader strategy outlined in “Build Up Platform 2024,” in which the company has placed a significant emphasis on expanding their overseas operations, with a core focus on both production and sales abroad.
This approach led to the establishment of a subsidiary in Vietnam in 2022, dedicated to food production and sales catering to the Southeast Asian market. In 2023, a further move was made with the establishment of a new company in North America, specifically geared towards the production and sale of crab-flavored surimi products tailored for the US consumer base.
Kocaman Balıkçılık, founded in 1922, specializes in the production of salmon and shrimp products, catering to both the Turkish domestic market and international clientele across the EU, USA, Russia, China, Japan, and other regions. In 2022, the company reported a revenue of €14 million, with an operating profit of approximately €2.5 million.
Kyokuyo has indicated that this strategic acquisition is aimed at bolstering its earnings in Europe. The current President of Kocaman Balıkçılık, will retain his role following the acquisition with the Japanese company set to introduce two managers to collaborate with the century-old Turkish company.
