Nueva Pescanova considering acquisition of Pesquera Veraz

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Spanish seafood company Nueva Pescanova is weighing acquire Argentinian firm Pesquera Veraz, potentially marking the company’s first acquisition in 10 years.

Under the proposed deal, Nueva Pescanova would acquire Pesquera Vera’s assets, including a fleet of nine ships, three processing plants and a canning factory, according to Spanish newspaper Faro de Vigo.

“In the process of searching for financial partners by Abanca, the fishing company from Vigo is gaining investment muscle with the first large operation of inorganic growth for a decade…the chosen one is Pesquera Veraz,” the Spanish outlet wrote.

Pesquera Veraz has pushed back on the claims of an imminent acquisition, telling Argentinian outlet Revisita Puerto that, while a deal is being considered, it is not close to being finalised yet.

Pesquera Veraz has assets with a value of more than €1,000 million. In its 2021 fiscal year, the company reported a net profit of €7 million.

“The future is more about doing business, growth and the things we want to dedicate ourselves to, and less about saving the company, which I believe is in past,” Nueva Pescanova CEO Ignacio Gonzales said.

Last year, Nueva Pescanova was taken over by Spanish bank Abanca, which capitalised all bankruptcy debt in the company and took a 97 percent stake in the business.