Copeinca is Peru’s largest fishing company, employing 2,770 people, operating 45 vessels, and managing eight processing facilities.
Cooke Inc., the Canadian aquaculture and seafood company, has entered a binding agreement to acquire all shares of Peru’s Corporación Pesquera Inca S.A.C. (Copeinca), one of the world’s leading producers and exporters of fishmeal and fish oil, through a wholly-owned subsidiary.
Founded in 1994, Copeinca is Peru’s largest fishing company, employing 2,770 people, operating 45 vessels, and managing eight processing facilities along the Peruvian coastline. The company holds a 15.9% anchoveta fishing quota, allowing it to process around 21% of Peru’s total anchoveta catch, with an annual output of 200,000 metric tons (MT) of fishmeal and 23,000 MT of fish oil.
With no price disclosed for Cooke Inc.’s acquisition of Copeinca, previous valuations provide some perspective: in 2013, China Fishery Group offered $555.8 million for the Peruvian fishmeal and fish oil producer.
The acquisition is poised to expand Cooke’s marine ingredients division, enhancing its portfolio and geographical reach. Commenting on the acquisition, Glenn Cooke, CEO of Cooke Inc., said, “High-quality fishmeal and fish oil are critical components in the animal and human nutrition sectors. Copeinca will play a key role in our continued growth and commitment to global food security.”
Copeinca has secured multiple industry certifications, including MarinTrust and ISO 14001, underlining its commitment to sustainability and health standards. Copeinca’s CEO, Jose Miguel Tirado, highlighted shared values between the companies, stating that “Cooke’s strategic integration will enable Copeinca to compete effectively in the global market while supporting sustainable practices in coastal communities.”
Cooke first expanded into marine ingredients in 2017 with its acquisition of Omega Protein Corporation, a U.S.-based producer of specialty oils and protein products. The acquisition of Copeinca, expected to close in November, marks another step in Cooke’s global expansion, bolstering its presence in South America where Canada and Peru maintain a strong trade relationship.
The acquisition is subject to customary closing conditions, with Deutsche Bank Securities Inc. and Antarctica Advisors International Corp. acting as financial advisors to Copeinca.
